FOSSA Systems secures €6.3 million in Series A funding to expand its IoT satellite constellation for remote asset management in various industrial sectors.

Target Overview

FOSSA Systems, based in Madrid, Spain, has successfully raised €6.3 million in a Series A funding round aimed at enhancing its Internet of Things (IoT) satellite constellation. The company is focusing on remote asset management solutions specifically designed for industrial applications. With this funding, FOSSA plans to expand its direct-to-device communications network by deploying an 80-satellite constellation, enabling secure tracking and monitoring of remote assets for its clients.

Since 2021, FOSSA has demonstrated its capabilities by launching 17 nanosatellites into orbit, establishing a strong foundation for providing reliable IoT communications. The anticipated full satellite constellation will offer low-latency communication services to customers around the world. Recent collaborations, such as with Microsoft, indicate FOSSA's commitment to expanding its reach within sectors like agriculture, maritime, logistics, energy, and national security.

Industry Overview

The IoT market, while rapidly growing, has struggled to align with the expansive developments in broadband satellite communications. Currently, many companies rely heavily on terrestrial providers, which only cover about 20% of the Earth's surface, or expensive traditional satellite operators. T