Fleet Space Technologies raises $7.35M for its space-based IoT tech
Australian satellite startup Fleet Space Technologies has raised a $7.35 million round of funding to help launch its next generation of nanosatellites, extremely small satellites it employs to delivery Internet of Things (IoT) connectivity to customers globally.
Fleet’s satellites are roughly the size of shoeboxes, which are much cheaper and easier to launch than traditional geocommnications satellite, and the company intends to use a globe-spanning constellation of these in order to serve needs like tracking construction equipment assets, monitoring pipelines and other utility infrastructure, and more.
Already, Fleet has launched four of its nanosatellites to orbit, on a number of different rockets including an Indian Space Research Organization (ISRO) rocket, a Rocket Lab launch, and via SpaceX . Its existing fleet is only a very small part of its planned constellation, but already the startup says it’s witnessed “unprecedented demand” from over three million compatible devices registered to join their network.
Connected IoT in industrial applications is a huge potential market, and could be made up of more than 14 billion low-power devices by 2025, Fleet Space says based on IDC estimates. That’s a lot of hardware that needs to be able to effectively connect to, and communicate
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