Series B Funding Secured by Fleet Space Technologies
Fleet Space Technologies secures $26.4 million in Series B funding, confirming confidence in Fleet Space advanced nanosatellite technology set to drive radical Internet of Things (IoT) efficiencies.
"This investment secures the long-term sustainable growth of Fleet Space and is a global endorsement of the power of the rapidly growing Space technology sector. Our nanosatellite technology is proven and this capital injection is testament to confidence in our commercial model."
Flavia Tata Nardini, CEO and Founder, Fleet Space Technologies.
The Series B capital raise, which secures a valuation of the company at $126 million, is led with follow-on money from Artesian Venture Partners, Blackbird Ventures, Grok, and Horizons Ventures with major commitments from new investors including Alumni Ventures, Hostplus, the South Australian Venture Capital Fund (SAVC) and In-Q-Tel. The balance of new institutional investors and reinvestment from existing investors is testament to successful execution of Fleet Space's commercial and technical plans since the company's Series A raise in September 2019.
"This investment secures the long-term sustainable growth of Fleet Space and is a global endorsement of the power of the rapidly growing Space technology sector. Our nanosatellite technology is proven and this capital injection is testament to confidence in our commercial model," said Flavia Tata Nardini, CEO and Founder, Fleet Space Technologies. "We are ready to scale and realise the full potential of IoT technology to secure planet-wide coverage of millions of industrial devices. This will save billions of dollars for organisations in lost value while preserving precious resources and reducing carbon emissions."
"Fleet Space Technologies has delivered on their promise to unlock the potential of the Internet of Things through their proprietary nanosatellite technology," said Jonathan Meltzer, Partner at Alumni Ventures. "We are proud to be part of an ambitious new growth phase that will widen Fleet's satellite network and more broadly serve critical infrastructure in remote locations."
"Fleet's ambition, grit and ability to deliver has impressed us from day one and continues to impress us today," said Niki Scevak, Partner at Blackbird. "Flavia and the team have shown incredible progress and we're excited to back their continued growth with this latest round."
The Series B funding represents not just a firm commitment to Fleet Space Technologies, but a firm commitment to Australia's rapidly emerging space industry, representing the creation of 70 new jobs, including many desirable science, technology, engineering and maths (STEM) positions.
(Image provided with Fleet Space Technologies news release)