FOSSA Systems, a respected picosatellite operator from Spain, has secured US$6.8 million in a Series A financing round organized by Indico Capital Partners and Nabtesco’s corporate division. This funding will be directed towards the production of around 20 advanced cubesats which will facilitate extensive commercial connectivity for remote tracking and observational devices.
The next 18 months could see the initiation of this production, with aggressive market-entry strategies planned. FOSSA Systems’ vision of revolutionizing commercial data connectivity has confirmed faith of its investors. The company’s potential in transforming the industry is widely recognized, inciting expectations for how it may disrupt current remote tracking and observational methods operational across various industries.
The CEO, Julián Fernández, confirmed that during four business years, FOSSA has acquired about 10 million euros, including government grants. Having produced 17 picosatellites since 2022, FOSSA plans on exploring new areas of advancements in technology such as IoT proving to be financially fruitful; an indication of the company’s growth potential.
Bearing in mind the recent disruptions due to solar storms, the company has plans underway to enhance the durability of its satellites, thereby allowing for a stable and lengthier operational period in space.
Funding boosts FOSSA’s cubesats production
By 2025, FOSSA aims to have 80 robust and advanced satellites, facilitating seamless connectivity and data solutions to global IoT devices.
The ultimate objective for FOSSA is to offer dedicated satellites for secure connectivity to national security and defense sectors. The company is actively in the process of firming up infrastructure and human resources to handle the expected demand. Key alliances with reputed technology firms have been established, fostering mutual benefits in technical efficiency, security features, and commercial success.
In an increasingly competitive landscape, Fossa’s drive towards pioneering advancements provides a promising outlook. With the predicted annual growth of the IoT market by 20% until 2030, reaching an expected market value of $4 billion, Fossa’s self-sustainable model ultimately aspires to carve out a valuable position within this booming sector.
