Fleet Space Technologies secures $26.4m (USD) in Series B funding, confirming confidence in Fleet Space advanced nanosatellite technology set to drive radical Internet of Things (IoT) efficiencies.
The Series B capital raise, which secures a valuation of the company at $126 million (USD), is led with follow-on money from Artesian Venture Partners, Blackbird Ventures, Grok, and Horizons Ventures with major commitments from new investors including Alumni Ventures, Hostplus, the South Australian Venture Capital Fund (SAVC) and In-Q-Tel. The balance of new institutional investors and reinvestment from existing investors is testament to successful execution of Fleet Space’s commercial and technical plans since the company’s Series A raise in September 2019.
“This investment secures the long-term sustainable growth of Fleet Space and is a global endorsement of the power of the rapidly growing Space technology sector. Our nanosatellite technology is proven, and this capital injection is testament to confidence in our commercial model. We are ready to scale and realise the full potential of IoT technology to secure planet-wide coverage of millions of industrial devices. This will save billions of dollars for organisations in lost value while preserving precious resources and reducing carbon emissions,” Flavia Tata Nardini, CEO and Founder, Fleet Space Technologies, says.
“Fleet Space Technologies has delivered on their promise to unlock the potential of the Internet of Things through their proprietary nanosatellite technology. We are proud to be part of an ambitious new growth phase that will widen Fleet’s satellite network and more broadly serve critical infrastructure in remote locations,” Jonathan Meltzer, Partner at Alumni Ventures, adds.
“Fleet’s ambition, grit and ability to deliver has impressed us from day one and continues to impress us today. Flavia and the team have shown incredible progress and we’re excited to back their continued growth with this latest round,” Niki Scevak, Partner at Blackbird, notes.
The Series B represents not just a firm commitment to Fleet Space Technologies, but a firm commitment to Australia’s rapidly emerging space industry, representing the creation of 70 new jobs, including many desirable science, technology, engineering, and maths (STEM) positions.
Fleet Space Technologies is Australia’s leading space company. It operates from a state-of-the-art HQ in Adelaide, South Australia, a region rapidly emerging as a global centre of excellence in space and advanced aerospace technologies. The company has designed, built, and launched the country’s only commercial NanoSatellites and has six satellites already in orbit as it works towards a mission towards building a constellation of 140 small satellites in Low Earth Orbit.