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FOSSA Systems Secures €6.3M to Expand Commercial IoT Satellite Constellation

FOSSA Systems Raises €6.3M to Expand IoT Satellite Network, Launching Commercial Service in 2024
June 20, 2024

Spanish startup FOSSA Systems, known for its pioneering work with tiny picosatellites, has secured €6.3 million ($6.8 million) in Series A funding to advance its commercial IoT connectivity services. The round was co-led by Indico Capital Partners and the venture arm of Nabtesco, a Japanese aerospace component manufacturer.

FOSSA, founded four years ago, specializes in building and deploying picosatellites for remote monitoring and tracking. The company has launched 17 picosatellites into sun-synchronous orbit since 2022, primarily to demonstrate basic connectivity using Long-Range radio (LoRa), a protocol favored by most IoT devices. Despite their small size, these satellites have already brought in approximately €500,000 in revenue this year from proof-of-concept projects with several companies, including Microsoft.

CEO Julián Fernández revealed that FOSSA has now raised nearly €10 million, including government grants. The funding will help transition from picosatellites to slightly larger cubesats, enhancing the company's ability to offer commercial services. These new satellites are designed to be more resilient to solar storms and have a longer operational lifespan of up to five years.

The first three upgraded satellites are scheduled for launch in October, marking the beginning of FOSSA’s full commercial connectivity services. These satellites will provide connectivity to IoT devices approximately every 11 hours. The startup aims to deploy 80 satellites by the end of 2025, significantly reducing latency and bringing near real-time connectivity.

FOSSA plans to utilize its vertically integrated business model to offer secure connectivity solutions for national security and defense markets. This strategic approach is expected to support the necessary infrastructure for utilities and corporate clients interested in connectivity and asset management services.

Fernández highlighted the competitive edge of FOSSA’s technology and its affordability, with around 20 satellites already guaranteed from the recent funding. The company is also eyeing additional revenue and future fundraising to complete its ambitious deployment plans.

With Europe seeking local solutions for the burgeoning IoT market, projected to grow 20% annually through 2030 to $4 billion, FOSSA is positioning itself as a key player amidst increasing competition from global giants like SpaceX.

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