Fleet announces $7.35m raise to expand IoT constellation

By on 10 September, 2019

Fleet’s Proxima I and II nanosatellites. Image provided by Fleet.

Adelaide-based Fleet Space Technologies has raised $7.35 million in its second funding round.

The IoT startup currently has four Cubesats in orbit, and an announcement made by CEO Flavia Tata-Nardini indicated that the bulk of this newly-secured funding would go towards designing and developing four larger satellites to join these.

The new funding round was led by Horizons Ventures and Momenta Ventures, with participation by Blackbird Ventures and Grok Ventures, the two existing ventures also participated in the financing.

Members of the Kennard family, owners of Kennards Hire, also participated in the round. Kennards Hire announced an asset tracking initiative based on Fleet’s IoT network in early 2019.

Most of Fleet’s current client base are based in the U.S, and Tata-Nardini indicated that expanding customer services and the company’s 15-strong employee base was also on the agenda in the near future.

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