Amsterdam-based IoT spacetech startup Hiber has been granted a moratorium, which typically precedes bankruptcy, amid financial difficulties for the company..
The development comes more than a year after Astrocast, a Swiss-based nanosatellite IoT network operator, acquired Hiber in May 2022.
Astrocast acquired the Amsterdam company due to its customer portfolio in the oil and mining industry, its coverage in the United States, and its specialised workforce. To support Amsterdam’s growth plans, shareholders invested €10.45 million in Astrocast’s public offering.
However, the Amsterdam-based scale-up has been grappling with financial issues for several years, with a loss of €10M in 2020, exacerbated by the pandemic challenges.