Fleet Space Technologies has raised $26.4 million in funding, valuing the firm at $126 million. This is a significant stride forward for the Fleet Space Technologies firm, which is working to build the world’s most sophisticated low-power satellite network, ensuring global coverage for millions of suitable IoT (Internet of Things) devices using its proprietary Nanosatellite technology. This finance will enable Fleet Space to grow its manufacturing base while also increasing its highly qualified employees.
“This investment ensures Fleet Space’s long-term viability and is a global validation of Australia’s rapidly expanding space technology sector.” Our Nanosatellite Technology has been proven, and this investment demonstrates our trust in our business plan. We’re ready to scale and realize the full possibilities of IoT technology to ensure that millions of industrial devices are covered globally. “This will save organizations billions of dollars in lost value while conserving precious resources and lowering carbon emissions,” stated Flavia Tata Nardini, Chief Executive Officer, and Founder of Fleet.
The investment, which surpassed the $25 million (USD) goal, is strong support of Fleet Space’s ambition. Matt Pearson and Flavia Tata Nardini, co-founders of the Australian start-up, have produced the most sophisticated smallsat payload ever carried to orbit. These smallsat devices, which are around the size of the shoebox, provide 10 times more throughput for every kilo than bigger spacecraft and will enable hundreds of sectors to achieve radical new efficiencies through IoT. Companies and institutions will be able to manage and operate their remote assets around the world in real-time, 24 hours per day, even in distant places where cellular coverage is unavailable and operations are crucial.
The investment also shows a strong commitment to Australia’s rapidly rising space sector, which the Federal Government wants to build to a $12 billion sector by 2020, making it one of the country’s fastest-growing industries. In the initial phase of its expansion in the region, it will generate 70 jobs, comprising many highly desired science, technology, engineering, and math (STEM) professions. These positions will not only ensure a bright future for Australia’s technical innovators as well as critical thinkers but will also help to make Australia a hub for creative solutions that drive global change.
By 2025, according to the International Data Corporation, there will be over 14 billion linked, low-power gadgets. To fully use the efficiencies contained in the data produced by these devices, a network must be in place to collect and analyze this data. Only with this data can true advancements in products and their applications be realized.