Fleet Space Raises $26M for IoT Nanosatellite Connectivity
Fleet Space Technologies has raised $26 million in Series B funding to drive the expansion of its nanosatellite IoT connectivity fleet
The funding round brought the company’s value to $126 million and included commitments from In-Q-Tel, Artesian Venture Partners, Blackbird Ventures, Grok, Horizons Ventures, Alumni Ventures, Hostplus and SAVC.
“Fleet Space Technologies has delivered on their promise to unlock the potential of the Internet of Things through their proprietary nanosatellite technology,” said Jonathan Meltzer, partner at Alumni Ventures. “We are proud to be part of an ambitious new growth phase that will widen Fleet’s satellite network and more broadly serve critical infrastructure in remote locations.”
Tiny Things in Outer Space
By operating in orbits closer to Earth, the IoT nanosatellite constellation offers reduced latency due to shorter distances to the ground, helping facilitate two-way transmissions in remote areas with poor mobile phone and broadband coverage.
Staying in low Earth orbits also means launching spacecraft more quickly, and satellites don’t need to be so big.
Fleet Space says it can satisfy demand with 140 nanosatellites no larger than small storage containers, and has launched six already. It’s betting the market will be there, with 14 billion devices requiring low-power connectivity by 2025 according to IDC estimates.
“This will save billions of dollars for organizations in lost value while preserving precious resources and reducing carbon emissions,” said Flavia Tata Nardini, CEO of Fleet Space Technologies. “We are ready to scale and realise the full potential of IoT technology to secure planet-wide coverage of millions of industrial devices. This will save billions of dollars for organizations in lost value while preserving precious resources and reducing carbon emissions.”
Fleet Space was founded in 2015 in Adelaide, Australia but waited four years before finishing up its first formal investment round — a Series A raise involving Artesian Venture Partners, Blackbird Ventures, Grok and Horizons Ventures in September 2019.
In a boost for the fledgling Australian space industry, the team expects the Series B funding to support 70 new jobs that will enable the expansion of its IoT nanosatellite constellation.
“The growth of Fleet Space Technologies […] is a glowing affirmation of the sustained development of the Australian and South Australian space industry sector,” said David Pisoni, Australian minister of innovation and skills.