The money will be used to launch the first batch of the company’s Pearls constellation nano-satellites network.

The launch, with Virgin Orbit, is due to take place by mid-2019 and is the first part of a plan to operate a network of 200 nano-satellites to provide affordable voice, data, instant messaging, M2M and IoT communications to the equatorial belt.

The company also plans to conduct a fully underwritten priority offer to raise a further $3 million, with an option to accept a further $1 million on the same terms in the event the offer is over-subscribed.

“We have undertaken this round of financing at a crucial time for the company, as we prepare to launch our first batch of Pearls nano-satellites into space,” said Meir Moalem, Sky and Space Global managing director and chief executive.

He added that “the support we have received is indicative of the confidence the market has in our ability to deliver on milestones and achieve the objectives we have set out for the company".