Madrid's FOSSA Systems Secures €6.3 Million to Expand Industrial IoT Satellite Network

Madrid-based space tech company FOSSA Systems has secured €6.3 million in a Series A funding round to propel the growth of its industrial IoT (Internet of Things) satellite constellation. This network of miniature satellites will provide low-latency communication for remote asset management across various industries.

The funding round was co-led by Indico Capital Partners and Nabtesco Technology Ventures, with additional backing from Newmind Venture and Sabadell Venture Capital. This investment will fuel FOSSA's ambition to build an 80-satellite, direct-to-device network, empowering customers with secure and reliable tracking and monitoring of their remote assets.

FOSSA boasts a strong foundation in the space industry, with a successful track record of launching 17 nanosatellites into orbit since 2022. This accomplishment demonstrates their capability to deliver robust IoT communication solutions. The complete constellation promises to offer global coverage with minimal signal delay, a game-changer for sectors like agriculture, maritime operations, logistics, energy, and even national security.

"This capital injection will significantly bolster our efforts to expand the IoT satellite constellation specifically designed for industrial applications," said a FOSSA Systems spokesperson. "The funding will directly contribute to the development of our 80-satellite network, enabling us to deliver secure and dependable remote asset management solutions on a global scale."

FOSSA systems built the first Spanish picosatellite FOSSASat-1, launched in December 2019 aboard an Electron rocket. The satellite transmitted LoRa & RTTY messages to amateurs worldwide. In 2021, FOSSASat-1B and FOSSASat-2 were launched aboard a Firefly Alpha Rocket as part of the PICOBUS mission. The mission failed to reach orbit and was later successfully launched in 2022.

In January 2022, FOSSA launched 6x FOSSASat-2E satellites on board a Falcon-9 rocket to provide IoT services and other earth observation and edge-computing experiments.

In May 2022, FOSSA launched seven PocketQubes called FOSSASat-2E x7, which are picosatellites that provide global IoT connectivity services. The seven satellites were on board a Momentus OTV (orbital transfer vehicle), amongst 52 others, flying on a Space X Falcon-9 ridesharing rocket.

In June 2023, FOSSA launched 4 FEROX satellites using a 6U form factor split into 4 sections aboard a SpaceX Falcon-9 mission (Transporter-8).

FOSSA's achievement underscores the burgeoning European space tech sector. The company's focus on industrial applications highlights the potential of space technology to revolutionize various industries and create a more interconnected world.