South Australia’s Fleet Space Technologies has secured $35.8 million in funding through its latest capital raise to expand its workforce and manufacturing footprint.

The company’s Series B capital raise will create approximately 70 new jobs, across science, technology, engineering and mathematics (STEM) roles

It will also assist in increasing Fleet Space’s manufacturing capacity. Fleet’s existing network consists of six satellites which have been progressively launched since late 2018. It is now aiming to build a constellation of 140 small satellites in Low Earth Orbit which is set to drive “radical new efficiencies” for industries using Internet of Things (IoT) technologies.

Fleet’s co-founder and CEO Flavia Tata Nardini says the investment is a testament to the confidence in the company’s product and commercial model.

“This investment secures the long-term sustainable growth of Fleet Space and is a global endorsement of the power of the rapidly growing Space technology sector,” she said.

“Our nanosatellite technology is proven and this capital injection is testament to confidence in our commercial model. We are ready to scale and realise the full potential of IoT technology to secure planet-wide coverage of millions of industrial devices.”

This latest local success story is representative of the increasing commitment to Australia’s rapidly growing sovereign space sector, which continues on its upward trajectory towards the Australian Space Agency’s aims to build a $12 billion industry by 2030.

Read the media release.