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FOSSA's Recent �6.3M Series A Round to Grow its IoT Satellite Constellation

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On IoT Evolution World, we occasionally write up articles that cover advancements with satellite technology. For instance, we’ve written a few that relate to satellites being used to provide internet in rural areas. Another instance, written last month by my fellow editor Alex Passett, referenced new satellite IoT technology being used to fight climate change. Read more on that here.

Earlier this year, Passett also wrote an article about FOSSA Systems and Microsoft Research partnering up to explore the reach of satellite IoT. He states in his article that the two companies “aim to “enhance the power and reach of satellite-based IoT for seamless, diverse and scalable connected applications.”

FOSSA, based in Madrid, builds satellites for global IoT solutions. They bridge cellular gaps and offer broad connectivity for industries like construction, energy and agriculture.

And in more recent news, FOSSA raised a €6.3M Series A round to grow its IoT satellite constellation focused on remote asset management for industrial use cases.

Fueled by this fresh injection of capital, FOSSA is blasting off to expand its constellation of “space workhorses,” satellites dedicated to keeping a watchful eye on remote industrial assets. Their goal? Build an 80-strong network that allows easy and secure tracking and monitoring.

As mentioned earlier (i.e. the partnership with Microsoft Research), FOSSA isn't new to this game. They've already launched 17 of these tiny powerhouses since 2022. With a fully deployed constellation, they promise fast communication for their global customers. 

FOSSA’s IoT satellite constellation also promises to aid sustainable initiatives in remote offshore environments that are typically difficult to access for monitoring and maintenance, such as in energy, aquaculture, ocean monitoring and efficient cargo routing.

FOSSA claims, in the official press release, that it is well-positioned to meet this growing demand, with the global IoT market projected to grow 20% annually through 2030, potentially reaching $4 billion.

By blanketing the globe with their network, FOSSA is poised to become one of the go-to choices for reliable and cost-effective remote asset management, possibly changing how industries connect with their machines.

“We’re thrilled to strengthen our satellite IoT offering as a commercial service and consolidate our nanosatellite technology at the core of our business model,” said Julián Fernández, CEO and co-founder of FOSSA. “This investment will drastically accelerate FOSSA’s time to market and consolidate our position as a dominant satellite IoT solution provider.”

The funding was co-led by Indico Capital Partners and Nabtesco Technology Ventures, with the participation of Newmind Venture and Sabadell Venture Capital.




Edited by Alex Passett
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