FOSSA Systems, a startup powering global industries with accessible IoT and space technology, announced it has raised €6.3 million in a Series A round to expand its IoT satellite constellation focused on remote asset management for industrial applications. The funding was co-led by Indico Capital Partners and Nabtesco Technology Ventures, with participation from Newmind Venture and Sabadell Venture Capital.
With this funding, FOSSA will expand its IoT satellite constellation focused on remote asset management for industrial applications, supporting customers in building a direct device communication network of 80 satellites for securely tracking and monitoring remote assets. FOSSA has extensive experience in the space sector and has proven its ability to provide IoT communications with 17 microsatellites launched into orbit from 2022 onwards. The entire constellation will provide low latency communications to customers around the world.
“We are excited to strengthen our satellite IoT as a commercial service offering and place our nanosatellite technology at the core of our business model. This investment significantly accelerates FOSSA’s time to market and strengthens our position as a leading provider of satellite IoT solutions,” said Julián Fernández, CEO and co-founder of FOSSA.
FOSSA recently announced a partnership with Microsoft to provide accessible IoT satellite connectivity for agricultural use cases, and is rapidly expanding its customer base in the maritime, logistics, energy and national security sectors.
The IoT market has not kept up with the rapid growth of broadband satellite communications. Companies still rely on terrestrial providers that cover only 20% of the Earth and costly legacy satellite operators. Sectors such as agriculture, forestry, resource extraction, logistics, energy and defense require affordable, low-power and reliable sources of data for optimal performance and rapid response to unexpected events. FOSSA’s IoT satellite constellation also promises to support sustainable efforts in remote offshore environments that are typically difficult to access for monitoring and maintenance, such as energy, aquaculture, marine monitoring and efficient cargo routing. FOSSA is well positioned to meet this growing demand. The global IoT market could grow 20% annually until 2030, reaching $4 billion.
The Spain-based startup opened an R&D center in Portugal late last year and has begun its international expansion as it seeks to offer both a dedicated satellite network and asset management services through its constellation.
Stephane Morais, Managing General Partner at Indico Capital Partners, added: “We are excited to support FOSSA through our Indico Blue Fund. Their solution addresses a critical need for IoT connectivity in remote locations, particularly at sea, where reliable monitoring and tracking of assets is at a premium.”
