SAN FRANCISCO – Fleet Space Technologies raised $26.4 million in a Series B investment round that puts a value of $126 million on the Australian startup establishing an internet-of-things satellite constellation.
The Series B funding round was led by existing Fleet Space investors Artesian Venture Partners, Blackbird Ventures, Grok and Horizons Ventures. New investors including Alumni Ventures, Hostplus, the South Australian Venture Capital Fund and In-Q-Tel also participated.
Fleet Space designed, built and launched Australia’s first commercial nanosatellites. The company, which plans to establish a 140-satellite constellation, has launch six cubesats to date.
Fleet Space is expanding its operations as the firm prepares to realize “the full potential of IoT technology to secure planet-wide coverage of millions of industrial devices,” Flavia Tata Nardini, Fleet Space CEO and founder, said in a statement.
With funding from the latest round, Fleet Space plans to expand its manufacturing capability and hire 70 skilled workers, according to a news release issued Nov. 17 in Australia and Nov. 16 in the United States.
Alumni Ventures is “proud to be part of an ambitious new growth phase that will widen Fleet’s satellite network and more broadly serve critical infrastructure in remote locations,” Jonathan Meltzer, Alumni Ventures partner, said in a statement.