Adelaide nanosatellite manufacturer Fleet Space Technologies has raised fresh capital, said to be as much as $11 million, to fund an extension to its satellite IoT services.
The company, which in February offered manufacturers low-cost IoT connectivity from its first four satellites, has attracted wealthy Hong Kong businessman Li Ka-shing and the Australian Kennard family to its share register.
The capital raising, which will launch a further 10 nano-satellites from 2020 to provide connectivity to the mining and agriculture fields, was backed by new investors Momenta Ventures and Mr Li’s Horizons Ventures.
Mr Li’s infrastructure companies own 51 per cent of South Australia’s electricity provider, SA Power Networks.
Investors Grok Ventures and Blackbird Ventures which participated in Fleet’s first capital raising also contributed, according to reports.
Chief executive Flavia Tata Nardini said dozens of companies registered a total of one million devices for its first satellite network offering.
Applications from companies were sought in February to connect IoT devices at a cost of US$2.00 (Aud$2.75) per device, per year.
A further two million devices, which deliver LoRaWAN connectivity for industrial IoT users, were on a waiting list to be satisfied by a new, slightly larger nano-satellite.
The Adelaide company manufactures its satellites locally, operates a satellite ground station in South Australia, and also offers users a locally made Satellite/LoRaWAN gateway.
Picture: Fleet Space Technologies
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