Space Impulse Brief:
- Nabtesco Technology Ventures and Indico Capital Partners have invested into FOSSA Systems, which provides satellite-based Internet-of-Things (IoT) solutions.
- The round will help FOSSA build out its constellation of satellites to provide low latency, direct-to-device communications across the globe.
- FOSSA builds and launches satellites to provide secured end-to-end IoT data services for connected devices.
PRESS RELEASE — ~November 13, 2023 —
“FOSSA is taking a leap in commercializing space based IoT for industries, and we’re excited to be partnering with Nabtesco Technology Ventures, an industrial leader at the forefront of innovation and Indico Capital, an experienced player in startup expansion” says Julián Fernández, FOSSA´s CEO, and Co-Founder.
Nabtesco Technology Ventures (NTV) and Indico Capital Partners have invested into FOSSA Systems, which provides satellite-based Internet-of-Things (IoT) solutions. The round, which was joined by existing shareholder Newmind Venture, will help FOSSA build out its constellation of satellites to provide low latency, direct-to-device communications across the globe.
Madrid, Spain-based FOSSA builds and launches satellites to provide secured end-to-end IoT data services for connected devices. Its customers can monitor and track both fixed and mobile assets in real time anywhere in the world via FOSSA’s satellite constellation. Compared with leading industry incumbents, FOSSA provides an easy to deploy, scalable solution using low-power off-the-shelf LoRa devices that are well-suited to handle the small packets of information typically collected by sensors in the energy, agricultural and logistics sectors.
Broadband satellite communications services have increased in popularity as users confront the limits of traditional internet services, but the IoT market has not seen a similar evolution. Companies currently rely on terrestrial providers, who cover only 20% of the Earth’s surface, or legacy satellite operators, which offer complex, costly solutions. Sectors with assets operating in remote areas—including agriculture, forestry, resource extraction, logistics and shipping, energy, and national defense—need a cost effective, low-power, reliable source of data in order to ensure optimal performance and respond to unexpected situations.
This growing need positions FOSSA well to address one of the hardest-to-reach areas of a market with significant potential. Analysts estimate that the global IoT market will expand by 20% each year through 2030, by which time it could be worth up to $4 billion. The market for satellite based IoT solutions alone could be worth up to $2.9 billion by 2027, up from $1.1 billion last year.
“The next chapter of our current space age will see satellites open vast new frontiers of connectivity,” says NTV managing partner Hiroshi Nerima. “We believe that FOSSA can take a leading role in a vital and promising slice of this field.”
“Through this partnership, we aim to consolidate our industrial satellite and IoT commercial offering while expanding our reach to a global level., we’re excited to take on new challenges with the support of Nabtesco and Indico” says Julián Fernández, FOSSA´s CEO, and Co-Founder.
SOURCE: FOSSA Systems
Featured image: Credit: FOSSA Systems