Evaluating only Hiber’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
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Documented cause
Hiber built a low-power IoT satellite network for asset tracking in remote areas where cellular coverage was absent. The company raised $20M and launched its first CubeSats. Competing networks from Swarm Technologies, Astrocast, and Lacuna Space entered the same market and Hiber ran out of capital before achieving the constellation density needed for commercial viability.
Lesson
“Smallsat constellations for IoT need strategic satellite operator partnerships or government contracts before private markets will fund the full constellation.”