Ternwaves

What Ternwaves does

Ternwaves is a privately held French technology company headquartered in Toulouse that develops Direct-to-Device (D2D) satellite connectivity built around its proprietary Golden Modulation™ waveform. The waveform enables ultra-long-range, low-power satellite communications compatible with LEO, MEO and GEO constellations, supports GNSS-free operation, and delivers stealth-grade signaling at -29 dB below the noise floor while consuming as little as 7 mW of transmit power at 400 MHz. Hardware endpoints can be as small as a 1 cm patch antenna or 3 cm sphere antenna, and the technology can be uploaded over-the-air as software to existing satellite payloads, allowing rapid deployment on existing GEO Ku-band transponders (~87% of active GEO satellites worldwide). The company reports a demonstrated capacity of 1.728 million messages per day in 250 kHz of bandwidth, scalable 10x with 2.5 MHz.

Ternwaves serves three primary customer verticals: satellite operators and telecoms seeking to add D2D capability to existing fleets without new launches; defense and security agencies requiring resilient, jamming-resistant, GNSS-denied communications; and smart cities and environmental monitoring programs deploying large-scale IoT sensor networks. The go-to-market is enterprise field sales, augmented by high-visibility events (Eurosatory, VivaTech), institutional programs (ESA ARTES 4.0, French Tech 2030, Business France BoosterGrowGlobal), and direct technology and GTM partnerships with Eutelsat, AAC Clyde Space, 3ZA Engineering, Orange, and CEDETE / Orléans Métropole.

The business model combines licensing of the Golden Modulation™ waveform (and related over-the-air software uploads to satellite payloads) with recurring satellite IoT connectivity services. The company has no public funding rounds, no disclosed revenue, and no app or SaaS interface; all commercial evidence to date consists of pilots, demonstrations, and awards. The founding team — Julie Duclercq (CEO), Bruno Jechoux and Jean-Xavier Canonici (co-founders) — holds 60+ US patents collectively and has prior experience deploying signal-processing algorithms in millions of smartphones.

Name

Ternwaves

Legal name

TERNWAVES

Website

https://ternwaves.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Ternwaves is a Toulouse-based French deep-tech company that licenses its proprietary Golden Modulation™ waveform to enable ultra-low-power, GNSS-free Direct-to-Device satellite connectivity for satellite operators, defense agencies, and large-scale IoT deployments on existing LEO, MEO and GEO constellations.

Ownership category

akta.pro rank

Product category

Satellite IoT Connectivity

NAICS

Satellite Telecommunications (5174)

SIC

Radio & Tv Broadcasting & Communications Equipment (3663), Communications Equipment, Nec (3669)

akta.pro primary industry

Direct-to-Device (D2D) / NTN Cellular (Satellite-to-Handset, NB-IoT NTN) (HDAIAJAE)

akta.pro secondary industries

Satellite Broadband Internet Access (Consumer/SMB) (HDAIAJAA), Satellite Broadband Terminals & Gateways (VSAT/LEO CPE) (HDAFAIAM)

Keywords

• Direct-to-device satellite
• Satellite IoT connectivity
• Waveform modulation technology
• Low-power satellite communications
• GNSS-free satellite messaging

Headquarters

HQ city

Toulouse

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Direct-to-Device Satellite Connectivity Licensing: Ternwaves licenses its Golden Modulation™ technology to satellite operators, defense contractors, and IoT solution providers. The technology can be ported over-the-air as software to satellite payloads, enabling rapid deployment on existing GEO, MEO, and LEO satellites without hardware changes.
2. Satellite IoT Connectivity Services: Provides satellite connectivity services for IoT sensor networks, environmental monitoring, and smart city applications, working with partners such as 3ZA and leveraging Eutelsat's satellite infrastructure.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Ternwaves develops and licenses its proprietary Golden Modulation™ waveform technology for direct-to-device (D2D) satellite connectivity. The waveform can be uploaded over-the-air as software to existing GEO, MEO, and LEO satellite payloads, enabling ultra-long-range, low-power, GNSS-free communications for IoT and messaging applications. Customers include satellite operators (e.g., Eutelsat), defense and security agencies, smart-city programs, and IoT solution providers.

Product overview

TERNWAVES is a technology company offering Direct-To-Device satellite connectivity solutions built around its proprietary Golden Modulation™ waveform technology. The product portfolio centers on this core modulation technology, which enables ultra-long-range, low-power satellite communications for IoT devices and messaging across LEO, MEO, and GEO satellite constellations. Key offerings include Ku-band geostationary satellite messaging, LEO-based IoT connectivity, and specialized solutions for defense and security applications. The technology is notable for its minimal power consumption (transmit power as low as 7mW), compact hardware (antennas as small as 1cm patch), and ability to operate in GNSS-denied environments. The company has demonstrated large-scale environmental monitoring deployments and bi-directional messaging services.

Differentiator

Problem solved

Functional benefit

Brands

• Golden Modulation™: A breakthrough multi-domain satellite connectivity technology enabling direct-to-device communications with features including ultra-long range, resilience to interference, GNSS-free operation, stealth capabilities, and low power consumption.

Products and services

• Golden Modulation™ Proprietary waveform technology enabling ultra-long-range, low-power Direct-to-Device satellite communications for IoT and messaging applications. Supports LEO, MEO, and GEO satellites with minimal power consumption and compact form factors. Licensed to satellite operators, defense contractors, and IoT solution providers.
• Direct-to-Device Satellite Messaging (Ku-Band GEO) Bi-directional Direct-to-Device messaging service via widely available Ku-band geostationary satellites using Golden Modulation™ technology. Provides continent-level coverage using existing GEO Ku-band transponders without new satellite launches, with demonstrated operation via ultra-compact 3cm sphere or 1cm patch antennas and transmit power down to 1.9 mW.
• Direct-to-Device IoT Connectivity (LEO) Satellite IoT connectivity service via LEO satellites using Golden Modulation™ waveform, demonstrated with Eutelsat's ELO satellites. Supports 1,728,000 messages per day with only 250 kHz of bandwidth. Features GNSS-free operation, interference resilience, and geolocation capabilities without GNSS.
• Golden Modulation™ for Defense & Security Multi-domain satellite connectivity solution tailored for defense and security applications, featuring ultimate long range, extreme resilience to jamming, GNSS-free operation, stealth communications with signal 29 dB below noise floor, and massive device deployment capability. Designed for military, defense agencies, and security forces operating in contested or GNSS-denied environments.

Quantifiable outcome

• 1,728,000 messages per day capacity using only 250 kHz bandwidth (scalable 10x with 2.5 MHz)
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered core and minor.

• 3ZA ENGINEERINGcoreTechnology or Integration · 30 September 20253ZA is an engineering and consulting company specializing in innovative connected solutions from sensor design to qualified data delivery. Partnered with Ternwaves to deploy approximately 50 Golden Modulation™-enabled environmental sensors in Orléans for urban heat island analysis, marking the world's first massive deployment of the technology for environmental monitoring. 3ZA also exhibited jointly with Ternwaves at Eurosatory 2024 on the French Defense Ministry booth.
• CEDETE (Université d'Orléans)minorStrategic or Co-development Partner · 30 September 2025The CEDETE (Centre for the Study of Territorial and Environmental Development) laboratory at the University of Orléans conducted research using Ternwaves' Golden Modulation™-enabled sensors as part of the CHOISIR project, funded by Centre-Val de Loire Region and Orléans Métropole, to analyze urban heat islands.
• Eutelsat GroupcoreStrategic or Co-development Partner · 2 April 2025Eutelsat Group, a leading global satellite operator, partnered with Ternwaves for successful field demonstration of Direct-to-Device end-to-end services using the Golden Modulation™ waveform on Eutelsat's ELO demonstration satellites (~500 km orbit). The partnership achieved 1,728,000 messages/day capacity. Eutelsat provides LEO satellite ELO-2 for experimental use in the ESA TEMIS project. The technology has been ported over-the-air to Eutelsat's LEO SDR payload on an AAC Clyde Space CubeSat.
• European Space Agency (ESA)coreStrategic or Co-development Partner · 2 April 2025ESA co-funded the Eutelsat-Ternwaves Direct-to-Device demonstration under the ARTES 4.0 Business Applications – Space Solutions program. ESA also supported the TEMIS project making Eutelsat's ELO-2 satellite available for the Orléans experiment. Ternwaves was recognized as an ESA Rising Star in 2023. ESA's Defense Innovation Agency (AID) invited Ternwaves to exhibit at Eurosatory 2024.
• Orange (Orange Fab France)coreGTM or Marketing Partner · 27 November 2024Ternwaves won Orange's New Space Challenge competition focused on enabling non-terrestrial and hybrid networks. The program focused on encouraging innovation in satellite communications and exploring new business models through a Test and Learn approach. Next steps include experimentation and acceleration phases supported by Orange.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Swarm Technologies (SpaceX): Lowest-cost satellite IoT network (now operated within SpaceX), offering low-bandwidth bidirectional connectivity for IoT devices. Comparable ultra-low-cost IoT satellite messaging service.
• Iridium Communications: Incumbent global L-band MSS operator (Iridium Certus, Iridium Burst) serving satellite IoT, maritime, defense, and D2D messaging. Broad incumbent addressing overlapping defense and IoT segments.
• Thales Alenia Space: Major European satellite manufacturer and defense satcom integrator with deep involvement in GEO constellations and NTN programs. Overlapping customer set in French/European defense and government NTN deployments.

Direct peers

• OQ Technology: Luxembourg-based 5G IoT NTN operator building a LEO constellation to provide standard cellular IoT direct-to-satellite. Direct competitor targeting 3GPP NB-IoT NTN applications.
• Lynk Global: US-based operator pursuing direct-to-device satellite-to-phone messaging and connectivity for standard handsets, partnering with MNOs globally. Direct D2D competitor targeting the same telecom-operator channel.
• Astrocast: Swiss nanosatellite IoT operator offering bidirectional low-power satellite connectivity for asset tracking and environmental sensors. Direct competitor in the satellite-IoT messaging category.
• AST SpaceMobile: Public satellite company building a space-based cellular broadband network for direct-to-device connectivity to standard smartphones. Most comparable LEO-based D2D counter-positioning to Ternwaves' waveform-first approach.
• Myriota: Australian low-power satellite IoT connectivity provider serving environmental monitoring, agriculture, and asset tracking. Direct peer in ultra-low-power, store-and-forward satellite IoT messaging.
• Sateliot: Spanish IoT-focused NB-IoT NTN operator partnering with MNOs to deliver 5G-IoT direct-to-device satellite connectivity. Closest European startup competitor with a similar IoT-NTN, MNO-partnership GTM.

Emerging players

• Kepler Communications: Canadian operator of a LEO Ku-band and optical data relay constellation, with adjacent IoT/SDR payload strategy. Comparable use of software-defined radio payloads and LEO infrastructure reuse.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/people/Ternwaves/100067777030056
• LinkedInlinkedin.com/company/ternwaves

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ternwaves