Startup FOSSA Systems secures funding to boost global IoT satellite network
FOSSA Systems, a Spanish startup, secures funding to expand its satellite-based IoT network globally for improving communication for industries like agriculture and logistics.
FOSSA Systems, a startup that uses satellites to connect devices through the Internet of Things (IoT), revealed on Wednesday that it successfully raised an undisclosed amount of new funding. The funding round was led by Indico Capital Partners and Nabtesco Technology Ventures, joined by existing investor Newmind Venture. The company, based in Spain, plans to use the funds to expand its network of low-power satellites, enabling improved communication on Earth. Julian Fernandez, co-founder and CEO of FOSSA Systems, stated, "We aim to strengthen our industrial satellite and IoT services while extending our reach globally," Payload reported.
The Potential of IoT
The Internet of Things is a crucial technology for industries like agriculture, manufacturing, and logistics. FOSSA Systems aims to enhance communication by placing low-power satellites in space, allowing various devices to exchange information efficiently. This technology enables quick data collection and problem identification with minimal human intervention.
Traditional IoT solutions often struggle to cover remote rural areas, hindering operations in agriculture and shipping and logistics sectors. To address this, satellite companies are launching satellites into space, aiming to provide scalable technology that can reach every corner of the planet.
Stephan Morais, managing general partner at Indico Capital, expressed optimism about the transformative potential of IoT, particularly in ocean communications, climate monitoring, shipping, and logistics. He believes that this investment in FOSSA Systems will drive innovation and sustainability in the Blue Economy, opening new opportunities for growth and conservation efforts.
About FOSSA Systems
FOSSA Systems, established by Julian Fernandez in 2018, is a Spanish scaleup that offers cost-effective and secure IoT solutions through satellite connectivity. Originally founded as a non-profit organization with the goal of democratizing access to space and promoting IoT adoption, FOSSA Systems envisions widespread use of satellite-enabled IoT through interoperable and standardized connectivity.
In its mission to provide global IoT communication, even in areas lacking mobile coverage, FOSSA Systems delivers competitive connectivity solutions in sectors such as agriculture, farming, energy, infrastructure, communications, defense, and cybersecurity.