FOSSA Systems raises €6.3 Million in a funding to boost Industrial IoT Solutions

FOSSA Systems, a startup that provides global industrial IoT solutions and Space Technologies, announced it has raised €6.3 million in Series A funding to expand its IoT satellite constellation for remote asset management in industrial use cases.

Indico Capital Partners and Nabtesco Technology Ventures co-led the funding round, which also included Newmind Venture and Sabadell Venture Capital.

This cash raise will enable FOSSA to expand its IoT satellite constellation, focusing on remote asset management for industrial use cases, and develop an 80-satellite direct-to-device communications network that will allow users to track and monitor their remote assets safely. FOSSA has a rich space pedigree, with 17 nanosatellites put into orbit since 2022, demonstrating its capability to enable IoT communication. The entire constellation will provide low-latency connectivity to its customers around the world.

Julián Fernández, CEO and Co-Founder of FOSSA, said:

“We’re excited to expand our satellite IoT offering as a commercial service and place nanosatellite technology at the heart of our business strategy. This investment will significantly shorten FOSSA’s time to market and strengthen our position as a leading satellite IoT solution provider.”

FOSSA has announced a partnership with Microsoft to provide accessible IoT satellite connectivity for agriculture use cases, and they are fast expanding their customer base in the Maritime, Logistics, Energy, and National Security verticals.

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The IoT market has not kept up with the rapid rise of broadband satellite communications, as companies continue to rely on terrestrial providers that cover only 20% of the Earth and expensive legacy satellite operators. Agriculture, forestry, resource extraction, logistics, energy, and defense all demand economic, low-power, dependable data sources to ensure peak performance and quick response to unforeseen events. FOSSA’s IoT satellite array also offers to support long-term initiatives in remote offshore locations that are normally difficult to monitor and maintain, such as energy, aquaculture, ocean monitoring, and efficient cargo routing. FOSSA is well-positioned to address this expanding need since the worldwide IoT industry is expected to grow by 20% per year until 2030, potentially reaching $4 billion.

The Spanish business launched an R&D center in Portugal late last year and is now expanding internationally to deliver dedicated satellite networks and asset management services via its constellation.

Stephan Morais, Managing General Partner of Indico Capital Partners, added:

“We are excited to support FOSSA through the Indico Blue Fund. Their approach meets the critical need for IoT connectivity in remote regions, especially in the ocean, where reliable asset monitoring and tracking hold high value.

Image Credit: FOSSA Systems