Nanosatellite developer Fleet Space Technologies today announced it had raised $35.8 million (US$26.4 million) in Series B funding, allowing the company to pursue its advanced nanosatellite technology for use in industrial Internet of Things (IoT) applications.
The Adelaide company, now valued at $170 million, raised cash from existing shareholders Artesian Venture Partners, Blackbird Ventures, Grok, and Horizons Ventures.
There was new funding also from Alumni Ventures, Hostplus, the South Australian Venture Capital Fund (SAVC) and In-Q-Tel.
CEO Flavia Tata Nardini said: “This investment secures the long-term sustainable growth of Fleet Space and is a global endorsement of the power of the rapidly growing Space technology sector.
“Our nanosatellite technology is proven and…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 organisations in lost value while preserving precious resources and reducing carbon emissions.”
Fleet Space has designed, built and launched the country’s only commercial Nanosatellites, and has six satellites in orbit, with plans for a constellation of 140 small satellites in Low Earth Orbit.
The company plans to quickly recruit 70 new staff, including many in desirable science, technology, engineering and maths (STEM) positions.
Alumni Ventures partner Jonathan Meltzer “Fleet Space Technologies has delivered on their promise to unlock the potential of the Internet of Things through their proprietary nanosatellite technology.
“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.”
Blackbird partner Niki Scevak said Flavia and the team have shown incredible progress.
“Fleet’s ambition, grit and ability to deliver has impressed us from day one and continues to impress us today.”
Picture: Fleet Space Technologies
Subscribe to our free @AuManufacturing newsletter here.