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FOSSA Systems Announces Successful Series A Raise

FOSSA Systems
Credit: FOSSA Systems

Ibadan, 20 June 2024. – FOSSA Systems has announced raising 6.3 million euros in a Series A round. The Company will consequently leverage the funding to expand its IoT satellite constellation, focused on remote asset management for industrial use cases, and support the creation of its communications network comprising 80 satellites in low orbit, allowing its clients to connect directly to their remote assets securely.

Indico Capital Partners and Nabtesco Technology Ventures co-led the financing with the participation of Newmind Venture and Sabadell Venture Capital. FOSSA also recently announced a collaboration with Microsoft R&D to provide affordable IoT satellite connectivity for agricultural use cases and is rapidly growing its customer base in the Maritime, Logistics, Energy and Homeland Security sectors.

The IoT market has not kept pace with the rapid growth of broadband satellite communications, as companies still rely on terrestrial providers that cover only 20% of the Earth and expensive traditional satellite operators. As a result, sectors like agriculture, forestry, resource extraction, logistics, energy and defense require affordable, low-power and reliable data sources for optimal performance and rapid response to unexpected events.

FOSSA’s IoT satellite constellation also aims to assist sustainable initiatives in remote offshore environments that are often difficult to access for monitoring and maintenance, such as in the energy, aquaculture, ocean monitoring and efficient cargo routing sectors.

Speaking on the successful raise, Julián Fernández, CEO and Co-Founder of FOSSA, said, “We are happy to strengthen our satellite IoT offering as a commercial service and consolidate our nanosatellite technology at the core of our business model. This investment will drastically accelerate FOSSA’s time to market and consolidate our position as a dominant satellite IoT solution provider.”

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