FOSSA Systems, an innovative leader in space technology based in Madrid, has successfully closed a Series A funding round, raising €6.3 million to advance its pioneering IoT satellite constellation. This funding round was co-led by Indico Capital Partners and Nabtesco Technology Ventures, with additional participation from Newmind Venture and Sabadell Venture Capital.
The investment will propel FOSSA Systems’ ambitious plans to enhance its IoT satellite constellation dedicated to remote asset management for industrial applications. Central to their strategy is the development of an 80-satellite direct-to-device communications network, designed to enable secure tracking and monitoring of remote assets worldwide. With a strong heritage in space technology, including the successful launch of 17 nanosatellites since 2022, FOSSA Systems is poised to deliver low-latency communications solutions that cater to diverse global industries.
Julián Fernández, CEO and Co-Founder of FOSSA Systems, expressed enthusiasm about the company’s trajectory, stating, “We are excited to elevate our satellite IoT offerings into commercial service, anchoring our nanosatellite technology at the forefront of our business model. This investment will significantly accelerate FOSSA’s market entry and solidify our position as a leading provider of satellite IoT solutions.”
Recently, FOSSA Systems announced a strategic collaboration with Microsoft to provide accessible IoT satellite connectivity tailored for agricultural applications. The company is rapidly expanding its customer base across key sectors such as Maritime, Logistics, Energy, and National Security.
The global IoT market continues to expand, driven by the need for reliable, low-power data solutions in sectors traditionally underserved by terrestrial networks. FOSSA Systems’ IoT satellite constellation promises to address these challenges effectively, supporting sustainable initiatives in remote environments such as offshore energy operations, aquaculture monitoring, ocean surveillance, and optimized cargo routing.
Stephan Morais, Managing General Partner at Indico Capital Partners, emphasized the strategic importance of FOSSA Systems’ technology, stating, “Their solution meets a critical need for IoT connectivity in remote areas, providing invaluable asset monitoring capabilities, particularly in maritime environments.”
FOSSA Systems, expanding its footprint with an R&D center established in Portugal and embarking on international expansion initiatives, is well-positioned to capitalize on the robust growth projections of the global IoT market, forecasted to reach significant milestones by 2030.
In summary, FOSSA Systems’ latest funding milestone underscores its commitment to innovation in space technology, promising transformative advancements in IoT satellite communications for global industrial applications.
