Adelaide nanosatellite company Fleet Space Technologies will create 70 new jobs and boost its manufacturing capabilities after raising more than $35m from investors.
The injection of funds, which values the company at $171m, has come from existing local and overseas investors, including Atlassian co-founder Mike Cannon Brookes’ investment firm Grok Ventures.
Fleet co-founder Flavia Tata Nardini said the money would be used to “underpin significant expansion in Fleet’s manufacturing footprint”.
Fleet currently has 6 nanosatellites in space, which were launched to orbit via Elon Musk’s company SpaceX, an Indian space research organisation and 2 launces from Rocket Lab.
The company’s satellites, which are about the size of a shoebox, are used to communicate with low-power devices on the Earth’s surface, allowing companies to monitor their operations at low cost, and in areas where mobile phone networks are not available.
Fleet intends to eventually have a constellation of 140 satellites in orbit.
“As well as vastly reducing unnecessary carbon emissions, this technology will free organisations of billions of dollars of lost value by leveraging the Internet of Things,” the company said.
“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.”
Innovation and Skills Minister David Pisoni said the capital raising was a “glowing affirmation” of the strength of South Australia’s space sector.
Sourced from The Advertiser, 16 November 2021, p.14.