New York-based IA Ventures, which usually specializes in pre-market software companies but has been a previous Kepler investor, led the round. BDC Capital’s Industrial Innovation Venture Fund and several other existing backers also participated. (The Logic)

Talking point: Kepler’s satellites offer internet connectivity in space, so customers’ own satellites can use them like wifi routers in orbit, communicating with each other or with Earth via downlinks. The company plans to use the new money to launch satellites that connect using beams of light rather than radio waves, allowing faster throughput. Kepler said it expects to launch the optical equipment in 2024 and be ready to serve customers in 2025. Spun out of the University of Toronto less than a decade ago, Kepler now has 21 satellites in orbit. It last raised a US$60-million Series B round in June 2021.