Business
Fleet Space Technologies raises $7.35M for its space-based IoT tech
Australian satellite startup Fleet Space Technologies has raised a $7.35 million round of funding to help launch its next generation of nanosatellites, extremely small satellites it employs to delivery Internet of Things (IoT) connectivity to customers globally.
Fleet’s satellites are roughly the size of shoeboxes, which are much cheaper and easier to launch than traditional geocommnications satellite, and the company intends to use a globe-spanning constellation of these in order to serve needs like tracking construction equipment assets, monitoring pipelines and other utility infrastructure, and more.
Already, Fleet has launched four of its nanosatellites to orbit, on a number of different rockets including an Indian Space Research Organization (ISRO) rocket, a Rocket Lab launch, and via SpaceX . Its existing fleet is only a very small part of its planned constellation, but already the startup says it’s witnessed “unprecedented demand” from over three million compatible devices registered to join their network.
Connected IoT in industrial applications is a huge potential market, and could be made up of more than 14 billion low-power devices by 2025, Fleet Space says based on IDC estimates. That’s a lot of hardware that needs to be able to effectively connect to, and communicate with, central hubs that take. Edge computing is a huge trend right now, where a lot of these previously fairly rudimentary on-device sensors and monitors are able to do more processing on-site, but at some point the value of a network of IoT devices is that the resulted data can be collected, analyzed, turned into product improvements and redeployed.
Fleet’s tech is the connective tissue that can bind all these devices, in a way that’s much more scalable and affordable for commercial and industrial clients large and small. Satellite-based network coverage works in tandem with ground-based networks, which helps ensure there aren’t any blind spots in industries where communication can be hard to come by, like agriculture, forestry and mining.
This round of funding includes investment from Momenta entries and Horizon Ventures, and adds to the previous $5 million AUD ($3.4 million USD) that Fleet raised previously from Blackbird Ventures, Grok Ventures, and with contribution from the South Australian government.
-
Business7 days ago
London’s first defense tech hackathon brings Ukraine war closer to the city’s startups
-
Entertainment7 days ago
Mark Zuckerberg has found a new sense of style. Why?
-
Business6 days ago
Humanoid robots are learning to fall well
-
Entertainment6 days ago
2024 summer TV preview: 33 TV shows to watch this summer
-
Business5 days ago
Google Gemini: Everything you need to know about the new generative AI platform
-
Entertainment5 days ago
‘Bridgerton’: Everything you need to remember before Season 3
-
Entertainment3 days ago
Hands-on with the Claude AI app: It’s pleasant to use, but janky
-
Business6 days ago
Indian ride-hailing giant Ola cuts 180 jobs in profitability push