FOSSA Systems is a business that provides accessible IoT and space technologies to empower global companies. The company raised €6.3 million to expand its IoT satellite network for industrial asset management. 

Together with Newmind Venture and Sabadell Venture Capital, Indico Capital Partners and Nabtesco Technology Ventures spearheaded the fundraising.

FOSSA plans to establish an 80-satellite network to enable clients to monitor their remote assets. Furthermore, they plan to expand their IoT satellite constellation for industrial asset management. This will be made possible by the recent capital raise. FOSSA has launched 17 nanosatellites into space since 2022, showing its ability for Internet of Things connectivity. Customers worldwide will be able to communicate with low latency, thanks to the entire constellation.

FOSSA has grown its customer base in Maritime, Logistics, Energy, and National Security. The company has also teamed up with Microsoft to offer IoT satellite connectivity for agriculture.

Businesses rely on expensive old satellite systems and land-based carriers that only cover 20% of the Earth. This has slowed down the growth of the IoT market compared to the fast expansion of broadband satellite communications. Industries like forestry, agriculture, resource extraction, logistics, energy, and defense need dependable and cost-effective data sources to quickly and efficiently handle unforeseen events. Additionally, the IoT satellite constellation from FOSSA promises to support sustainable projects in energy, aquaculture, ocean monitoring, and effective cargo routing—all of which are generally challenging to access for monitoring and maintenance—in far offshore areas. With the worldwide IoT market expected to increase by 20% annually through 2030 and potentially reach $4 billion, FOSSA is well-positioned to address this expanding need.

In order to offer asset management services through its constellation as well as dedicated satellite networks, the Spanish startup launched an R&D center in Portugal towards the end of last year. It is also starting to expand internationally.