Australia-based Fleet Space Technologies has raised $26.4 million in a round of Series B financing and will use the funds to support growth initiatives and provide satellite connectivity for internet of things-based devices.
The space company said Tuesday Artesian Venture Partners, Blackbird Ventures, Horizons Ventures, Grok, Alumni Ventures, South Australian Venture Capital Fund, Hostplus and In-Q-Tel participated in the funding round, which gives Fleet Space a valuation of $126 million.
“Our nanosatellite technology is proven and this capital injection is testament to confidence in our commercial model,” said Flavia Tata Nardini, founder and CEO of Fleet Space Technologies.
“We are ready to scale and realise the full potential of IoT technology to secure planet-wide coverage of millions of industrial devices,” added Nardini.
Fleet Space, which intends to build a constellation of 140 low-Earth orbit small satellites, will use the investment to create 70 jobs.