Fleet Space Technologies raises $7.35m in funding for satellite IoT connectivity
Fleet Space Technologies, an Australian satellite startup, has raised £5.95m in funding to help launch its next-generation of nanosatellites, which aims to deliver IoT connectivity to customers around the world.
The satellites, which are similar to the size of shoeboxes, are said to be inexpensive and much easier to launch compared to traditional geocommunication satellites.
The company is planning to use a globe-spanning constellation of its nanosatellites to cater to tracking construction equipment assets, monitoring pipelines and other utility infrastructure and much more. The company already has four of its nanosatellites to orbit on a couple of rockets, including an Indian Space Research Organisation rocket, a Rocket Lab launch and through SpaceX.
Though the company’s existing fleet has a small part of its constellation, it has seen an “unprecedented demand” from more than three million compatible devices registered to join their network.
In July, an ABI Research report titled ‘Satellite in IoT: New Satellite Networks for New Wave of IoT Investment’ argued that there will be 24 million IoT connections made via satellite by 2024 – leading to ‘seamless’ global connectivity. According to this study, the segments expected to see significant growth include agriculture, asset tracking, maritime tracking, and aviation tracking.
Last month, this publication reported on collaboration of a nanosatellite start-up Myriota and Optus Business wherein the partners aim to offer regional and remote connectivity for IoT devices and applications across Australia. As part of this partnership, Optus’s national networks and digital enablement capabilities will be integrated with Myriota’s direct-to-orbit satellite connectivity technology to deliver large-scale, low-cost communications for IoT devices in remote Australian regions.
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