Global funds Momenta Ventures, Horizons Ventures and more back Fleet in latest funding round
SOMEWHERE IN THE EXOSPHERE, 26/27 AUGUST 2019 — Fleet Space Technologies has raised USD$7.35 million (AUD$10.8 million) from global funds including Momenta Ventures and Horizons Ventures, to deliver ubiquitous Internet of Things (IoT) connectivity to remote industries, powered by a global constellation of nanosatellites.
Investors in the funding round also included Grok Ventures and Blackbird Ventures, who re-invested in the company, and major Australian materials hire company Kennards Hire, a Fleet customer focused on digital transformation. The new funding will enable Fleet to meet the increasing demand for global deployments of private IoT networks, powered by its constellation of nanosatellites, across industries including logistics, resources and energy.
Founded by aerospace engineers in Adelaide, Australia in 2015, Fleet’s technology enables companies to roll out transformative IoT solutions previously rendered impossible by cost, distance and connectivity. Fleet combines a global constellation of nanosatellites at a fraction of the cost of traditional satellites, with its Portal, a long-range LoRaWAN hub that processes data from sensors using edge computing to reduce data transmission needs. The result makes the impossible a reality; from tracking assets across thousands of kilometres, managing heavy equipment at remote mine sites, to monitoring major pipelines and utilities, all powered by Fleet’s growing constellation of shoebox-sized nanosatellites.
Fleet’s technology will make it possible to help connect the more than 14 billion low-power, industrial IoT sensors and devices expected to come online by 2025. The global Internet of Things market is expected to surpass USD$1 trillion in 2022, according to global research firm IDC, driven by increased use of industrial sensors in manufacturing, transportation, utilities and other asset-heavy industries.
Fleet’s technology has met unprecedented demand since launch, with more than three million LoRaWAN™️devices registered to join the global network in a single, 24-hour period. It launched its first four nanosatellites in 2018, on board SpaceX, Rocket Lab and ISRO, and will use the new funding to launch its next generation of nanosatellites in 2020.
The latest funding round introduces strategic investors specifically chosen to help Fleet develop its technology to become even more powerful, and deploy it with the right network and technology partners. The company is one of the first investments from Momenta Ventures’ LPWAN Ecosystem Fund, the only Internet of Things-focused fund in the US, established to accelerate industry solutions powered by Low Power Wide Area Networks with a focus on open standards and ecosystems such as LoRaWAN®.
Horizons Ventures, the private investment arm of Mr. Li Ka-shing, is a leading investor in some of the world’s most innovative companies and disruptive technologies including Spotify, Siri, Zoom, Air Wallex, Impossible Foods and Perfect Day.
Fleet previously raised AUD$5 million from investors including Blackbird Ventures and Grok Ventures, alongside matched seed funding from the South Australian Government.
- Patrick Poon, Director with Horizons Ventures: “The advent of new communications technologies like 5G and nanosatellites will enable massive worldwide adoption of Internet of Things devices globally for the first time. Fleet’s technology and constellation of satellites is crucial to bringing the possibilities of the IoT to the far reaches of the globe, and extending the work of Hutchison Group’s telecommunications companies and was a perfect fit for Horizons.”
About Fleet Space Technologies
Fleet Space Technologies is building the global digital nervous system to power the next industrial revolution. Founded in South Australia in 2015, Fleet was created by aerospace engineers who wanted to solve the issue facing businesses globally over the next decade: how to connect billions of sensors and devices, simply and cheaply. Fleet is building a constellation of more than 100 nanosatellites, combined with its LoRaWAN-powered Portal to create a global, connectivity network that will plug directly into the millions of digital sensors already beginning to transform industries like agriculture, logistics, and mining and gas.