TLDR:
- Madrid-based startup FOSSA Systems raised €6.3 million in a Series A round.
- The funding will support the growth of their IoT satellite constellation for remote asset management in industrial use cases.
Madrid-based space tech company, FOSSA Systems, has secured a €6.3 million Series A round led by Indico Capital Partners and Nabtesco Technology Ventures. The funding will be used to expand the company’s IoT satellite constellation focused on remote asset management for industrial applications. FOSSA has already launched 17 nanosatellites into orbit since 2022, demonstrating its capability in providing IoT communication. The full constellation aims to offer low-latency communications globally.
CEO and Co-Founder of FOSSA, Julián Fernández, expressed excitement about enhancing their satellite IoT offering and solidifying their nanosatellite technology as a core component of their business. FOSSA’s collaboration with Microsoft to provide accessible IoT satellite connectivity for agriculture use cases demonstrates their commitment to serving various industries. The startup is positioned to meet the growing demand in the global IoT market, projected to reach $4 billion by 2030.
FOSSA’s innovative satellite constellation also promises to support sustainable initiatives in remote locations like energy, aquaculture, and ocean monitoring. The company recently opened an R&D center in Portugal and is expanding internationally to offer dedicated satellite networks and asset management services. The investment from Indico Capital Partners and other leading investors underscores the importance of FOSSA’s solution for providing reliable IoT connectivity in remote areas.
