On Sept.4 Fleet Space Technologies announced that it raised $7.35 million in a second round of investment since its inception in 2015. According to Fleet Space this investment will go to expansion of its current constellation of four cubesats.
The second round of investment was led by investors Momenta Ventures and Horizons Ventures which are both tech-based funds. The round was also participated by Kennard Family, Grok Ventures and Blackbird Ventures.
Flavia Tata Nardini CEO and Co-Founder of Fleet is looking to expand its satellite constellation that is providing IoT services through satellites. She says: “We’re now living in a commercial space age that is fundamentally changing how we do things on Earth. With the latest support from Momenta and Horizons, we’re expanding operations to transform industries through our technology. Our unique combination of global connectivity, edge computing and myriad new data points is unlocking billions of dollars of value in mining, energy and agriculture. Every giant leap of human progress stemmed from a communications breakthrough. That’s why we started Fleet.”
Patrick Poon, Director of Horizons Ventures says about Fleet, “The advent of new communications technologies like 5G and nanosatellites will enable massive worldwide adoption of Internet of Things devices globally for the first time. We are excited to see how Fleet’s technology and constellation of satellites can become crucial to bringing the possibilities of the IoT to the far reaches of the globe.”
Fleet is not alone in providing IoT services through satellite, other companies such as Astrocast and Myriota also based out of Adelaide, Australia are providing similar solutions.
The huge competition also shows great demand in the IoT sector. According to research firm Gartner, the growth in IoT will far exceed that of other connected devices and will grow to 26 billion units by 2020, representing an almost 30-fold increase from 2009.
Satellite technology is serving as a key enabler for new services such as remote assets connectivity, sensor networks, driving the transportation infrastructure, developing sustainable cities, connected cars and Financial sector to name a few. And according to NSR study transportation is the largest vertical driven by M2M/IoT fleet management. All these factors still show a positive business case for deploying more satellite-centric IoT network.