Fleet Space Technologies announces that it has secured $26.4m (USD) in investment, valuing the company at $126 million (USD). This represents a major step forward for Fleet Space Technologies, which is committed to creating the world’s most advanced low-power satellite network, securing planet-wide coverage for millions of compatible Internet of Things (IoT) devices by using its in-house Nanosatellite technology. This funding will underpin significant expansion in Fleet Space’s manufacturing footprint and will expand the company’s highly skilled workforce.
The investment, which exceeded the initially targeted $25m (USD) is a clear endorsement of Fleet Space’s vision. The Australian start-up, co-founded by Flavia Tata Nardini and Matt Pearson, has created the most advanced smallsat payload yet delivered to orbit. These smallsat devices, roughly the size of a shoebox, generate ten times more throughput per kilo than larger spacecraft and will support radical new efficiencies for hundreds of industries using IoT. This will transform the ability of companies and institutions to manage and control their remote assets across the world and in real time, 24 hours a day, even in remote areas, where cellular connectivity is not available and where operations are critical.
The investment also represents a firm commitment to Australia’s rapidly emerging space industry, which the Federal Government plans to grow to a $12 billion, ranking the sector among the nation’s fastest growing industries. Its expansion in the region will also create 70 jobs, including many highly desirable science, technology, engineering and maths (STEM) positions in the first phase of growth. These roles not only secure a bright future for the country’s technical innovators and critical thinkers, but will support in making Australia a home for innovative solutions that drive positive change on a global scale.