Published on: August 7, 2023
Wyld collaboration with SpaceX
Tern’s portfolio company Wyld Networks has signed a potentially transformational deal with SpaceX to explore areas of collaboration, initially looking at offering remote connectivity in North, Central and South America. This builds on Wyld’s success following the commercial launch of its product in December 2022; as at mid-May 2023, it had built a significant order backlog of SEK 92m ($8.7m). We believe that this high-profile deal reinforces Tern’s strategy to take advantage of Wyld’s success as a standalone company and to make use of phased access to capital, as highlighted by the recent £3m funding facility (see our note). In our view, this deal should be seen as a huge positive for Wyld, while underpinning Tern’s hybrid VC model.