Ibadan, June 20, 2024. – FOSSA Systems has announced the raising of €6.3 million in a Series A round. Consequently, the Company will leverage the financing to expand its IoT satellite constellation, focused on remote asset management for industrial use cases, and will support the creation of its communications network comprising 80 satellites in low orbit, which will allow its clients to connect directly to their remote assets securely. .
Indico Capital Partners and Nabtesco Technology Ventures co-led the financing with the participation of Newmind Venture and Sabadell Venture Capital. FOSSA also recently announced a collaboration with Microsoft R&D to provide affordable IoT satellite connectivity for agricultural use cases and is rapidly growing its customer base in the maritime, logistics, energy and national security sectors.
The IoT market has not kept pace with the rapid growth of broadband satellite communications, as companies still rely on terrestrial providers that cover only 20% of the Earth and expensive traditional satellite operators. As a result, sectors such as agriculture, forestry, resource extraction, logistics, energy and defense require affordable, reliable and low-power data sources for optimal performance and rapid response to unexpected events.
FOSSA's IoT satellite constellation also aims to support sustainable initiatives in remote marine environments that are often difficult to access for monitoring and maintenance, such as in the energy, aquaculture, ocean monitoring and efficient cargo routing sectors. .
Julián Fernández, CEO and co-founder of FOSSA, commented on the successful increase: “We are happy to strengthen our satellite IoT offering as a commercial service and consolidate our nanosatellite technology at the center of our business model. “This investment will dramatically accelerate FOSSA’s time to market and solidify our position as a dominant provider of satellite IoT solutions.”
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