SpaceX is acquiring satellite connectivity startup Swarm Technologies for an undisclosed sum, it first acquisition in the 19 years of its existence.
Swarm raised $25 million in August 2018 and launched its flagship product called the Tile which is a small modem that can be embedded in various connectivity devices and linked to the satellite network.
Swarm operates a constellation of 120 sandwich-sized satellites as well as a ground station network, reports TechCrunch.
"The deal would transfer control of Swarm's ground and space licenses to SpaceX, in addition to any licenses pending before the commission," the report said on Monday.
"Swarm's services will benefit from the better capitalisation and access to resources available to SpaceX, as well as the synergies associated with acquisition by a provider of satellite design, manufacture, and launch services," the companies said in a filing in the US.
SpaceX would "similarly benefit from access to the intellectual property and expertise developed by the Swarm team, as well as from adding this resourceful and effective team to SpaceX."
SpaceX's Starship last week officially become the world's tallest rocket. At around 395 feet tall, the spacecraft is the tallest in the world.
Starship will take humans beyond Earth to destinations like the moon, Mars and beyond.
NASA has awarded SpaceX its Human Landing System contract for a version of Starship to land astronauts on the lunar surface as part of its Artemis programme.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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