Fleet Space Technologies raises $7.35m in funding for satellite IoT connectivity

Fleet Space Technologies, an Australian satellite startup, has raised £5.95m in funding to help launch its next-generation of nanosatellites, which aims to deliver IoT connectivity to customers around the world. The satellites, which are similar to the size of shoeboxes, are said to be inexpensive and much easier to launch compared to traditional geocommunication satellites. The company is planning to use a globe-spanning constellation of its nanosatellites to cater to tracking construction equipment assets, monitoring pipelines and other utility infrastructure and much more. The company already has four of its nanosatellites to orbit on a couple of rockets, including an Indian Space Research Organisation rocket, a Rocket Lab launch and through SpaceX. Though the company’s existing fleet has a small part of its constellation, it has seen an “unprecedented demand” from more than three million compatible devices registered to join their network.