Home / Business and Economy / FOSSA Systems Secures $10.5M for Space Connectivity
FOSSA Systems Secures $10.5M for Space Connectivity
27 Jun
Summary
- FOSSA Systems raised $10.5 million in new funding.
- The company plans to expand its satellite constellation.
- FOSSA aims to become a European benchmark in sovereign space.
Spanish startup FOSSA Systems has successfully raised approximately $10.5 million to expand its connectivity constellation. This significant funding round was led by private investment firm Kibo Ventures and saw participation from a technology investment vehicle backed by Spain's government. The infusion of capital will fuel FOSSA's strategic shift from utilizing small picosatellites to deploying larger cubesats in low Earth orbit. These advancements are intended to bolster sovereign communications and enhance space-based intelligence gathering capabilities.
The six-year-old venture, which has already launched 25 satellites, plans to grow its network to 140 spacecraft. This expansion aims to connect remote Internet of Things (IoT) devices worldwide. FOSSA's CEO, Julián Fernández, expressed the ambition to establish the company as a leading European provider of sovereign space infrastructure. The company has also expanded its international presence by opening an office in Tokyo.
