To connect land and ocean, startups are taking to the sky.
On Wednesday, FOSSA Systems, a satellite-based IoT startup, announced it raised an undisclosed amount in new funding. The round was led by Indico Capital Partners and Nabtesco Technology Ventures, along with existing investor Newmind Venture.
The funding will be used to help build the Spain-based company’s network of low-power satellites to facilitate communications on Earth.
“We aim to consolidate our industrial satellite and IoT commercial offering while expanding our reach to a global level,” Julian Fernandez, FOSSA System’s cofounder and CEO, said in a statement.
IoT 101: The Internet-of-Things has long been heralded as one of the most important emerging technologies for large scale industries like agriculture, manufacturing, and logistics. By deploying a constellation of low-power satellites into space, different pieces of technology can communicate with each other and quickly collect data, look for efficient solutions, flag problems, and self-regulate with minimal human oversight.
Earth-bound IoT solutions often don’t reach vast swathes of rural land and sea where the agriculture and shipping and logistics sectors operate. As a result, several satellite companies have launched into space, in hopes of using scalable satellite technology to better reach every corner of the planet.
“The IoT is poised to revolutionize ocean communications, oceanic climate monitoring, and efficient shipping and logistics,” Indico Capital’s managing general partner Stephan Morais said in a statement. “This venture investment will harness IoT’s transformative potential, driving innovation and sustainability in the Blue Economy, while creating new opportunities for growth and conservation efforts.”