FOSSA Systems Raises €6.3M to Expand IoT Satellite Network

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Insider Brief:

  • FOSSA Systems has raised €6.3 million in a Series A funding round to support the expansion of its IoT satellite constellation.
  • The funding round was co-led by Indico Capital Partners and Nabtesco Technology Ventures, with additional support from Newmind Venture and Sabadell Venture Capital.
  • The full satellite constellation aims to offer low-latency communications globally, catering to various industries including agriculture, maritime, logistics, energy, and national security.

FOSSA Systems announced it has raised €6.3 million in a Series A funding round. This funding will support the expansion of its IoT satellite constellation, which focuses on remote asset management for industrial applications.

The funding round was co-led by Indico Capital Partners and Nabtesco Technology Ventures, with additional support from Newmind Venture and Sabadell Venture Capital. This investment will help FOSSA build an 80-satellite direct-to-device network, allowing customers to securely track and monitor their remote assets.

Since 2022, FOSSA has successfully launched 17 nanosatellites into orbit. The full satellite constellation aims to offer low-latency communications globally, catering to various industries including agriculture, maritime, logistics, energy, and national security.

FOSSA’s recent partnership with Microsoft highlights its commitment to expanding IoT connectivity, especially in agriculture. The company is also exploring forestry, resource extraction, and defense opportunities. These industries require reliable and affordable data sources for effective monitoring and rapid response.

Traditional IoT solutions have been limited by terrestrial networks that cover only a small portion of the Earth and by expensive legacy satellite services. FOSSA’s satellite constellation aims to address these limitations by providing cost-effective and low-power communication options for remote and hard-to-reach areas, including monitoring offshore environments for energy, aquaculture, and ocean monitoring and ensuring efficient cargo routing.

The startup, which opened a research and development center in Portugal last year, is now focusing on international expansion. This will allow it to offer dedicated satellite networks and comprehensive asset management services.

Julián Fernández, CEO and Co-Founder of FOSSA, expressed excitement about the investment, saying, “This funding will significantly speed up our market entry and solidify our position as a leading provider of satellite IoT solutions.”

Stephan Morais, Managing General Partner at Indico Capital Partners, emphasized the importance of FOSSA’s work, noting the growing need for IoT connectivity in remote areas, especially in ocean monitoring.

Hiroshi Nerima, Managing Partner at Nabtesco Technology Ventures, praised FOSSA’s technical expertise and looked forward to its continued growth across different industries and regions.

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