The Internet of Things (IoT) company announced this morning its targeted $US25 million funding round had been oversubscribed, reaching $US26.4 million and would allow it to increase the size of its constellation of nanosatellites.

Fleet’s existing network is made up of six satellites, each about the size of a shoebox, that have been launched to orbit progressively since November 2018. It aims to build a constellation of 140 small satellites in Low Earth Orbit.

Based in Beverley, Fleet co-founder and CEO Flavia Tata Nardini said the investment will create about 70 jobs including many STEM positions in the first phase of growth.

“This investment secures the long-term sustainable growth of Fleet Space and is a global endorsement of the power of Australia’s rapidly growing space technology sector,” said Tata Nardini, who is also an InDaily 40 Under 40 alumnus.

“Our nanosatellite technology is proven and this capital injection is testament to confidence in our commercial model.”

Fleet’s nanosatellites are combined with ground-based networks, providing industries a cost-effective way to access information from their IoT-enabled devices where cellular networks are unavailable.

“We are ready to scale and realise the full potential of IoT technology to secure planet-wide coverage of millions of industrial devices,” Tata Nardini said.

“This will save billions of dollars for organisations in lost value while preserving precious resources and reducing carbon emissions.”

Fleet Space Technologies claims to be Australia’s leading space company with a total value of $171 million ($US126 million).

In a statement today, the South Australian company said the capital raise was underpinned by new institutional investors and re-investment from existing investors.

“This represents a major step forward for Fleet Space Technologies, which is committed to creating the world’s most advanced low-power satellite network, securing planet-wide coverage for millions of compatible Internet of Things (IoT) devices by using its in-house nanosatellite technology,” it said.

“This funding will underpin significant expansion in Fleet Space’s manufacturing footprint and will expand the company’s highly skilled workforce.”

The company is also leading the Seven Sisters’ Australian space industry consortium in support of NASA’s Artemis program to land the first woman and next man on the Moon by 2024 and create a sustainable human presence for later crewed Martian exploration.

Commencing in 2023, the Seven Sisters missions are designed to find accessible water and other resources on the moon.

Innovation and Skills Minister David Pisoni said Fleet was creating highly-skilled jobs in South Australia and helping the Australian Space Agency towards its goal of building a $12 billion industry by 2030.

“The growth of Fleet Space Technology and the successful completion of this funding round is a glowing affirmation of the sustained development of the Australian and South Australian space industry sector,” he said.