FOSSA Systems Launches into Orbit with Funding for Global IoT Satellite Network
FOSSA Systems, a startup specializing in satellite-based connectivity for IoT devices, announced on Wednesday that it has secured a new round of funding. The undisclosed amount was raised with the support of Indico Capital Partners and Nabtesco Technology Ventures, along with existing investor Newmind Venture. The Spain-based company intends to utilize the funds to enhance its network of energy-efficient satellites, thereby facilitating enhanced communication capabilities on Earth. Julian Fernandez, co-founder and CEO of FOSSA Systems, expressed the company’s goal of bolstering its industrial satellite and IoT services on a global scale.
The potential of IoT
The Internet of Things is a key technology for industries such as agriculture, manufacturing and logistics. FOSSA Systems aims to make communication more efficient by placing low-power satellites in space, allowing different devices to exchange information efficiently. This technology enables rapid data collection and problem identification with minimal human intervention.
It is often difficult for traditional IoT solutions to cover remote rural areas, which hinders operations in agriculture, shipping and logistics. To address this, satellite companies are sending satellites into space with the goal of providing scalable technology that can reach every corner of the planet.
Stephan Morais, managing partner of Indico Capital, expressed his optimism regarding the transformative potential of IoT, especially in maritime communication, climate control, shipping and logistics. He believes that this investment in FOSSA Systems will promote innovation and sustainability in the blue economy, opening up new opportunities for growth and conservation efforts.
About FOSSA Systems
Founded in 2018 by Julian Fernandez, FOSSA Systems is a Spanish extension company that offers cost-effective and secure IoT solutions via satellite connections. FOSSA Systems was originally founded as a non-profit organization with the goal of democratizing access to space and promoting the adoption of IoT. FOSSA Systems plans the widespread use of satellite-based IoT through interoperable and standardized connectivity.
FOSSA Systems’ mission is to provide global IoT communications even in areas without mobile coverage, offering competitive connectivity solutions in fields such as agriculture, farming, energy, infrastructure, communications, defense and cyber security.
