Investors in the funding round included Momenta Ventures and Horizons Ventures and Grok Ventures and Blackbird Ventures, who re-invested in the company, - and the Kennard family, whose equipment hire company Kennards Hire is a Fleet customer focused on digital transformation.
Founded by aerospace engineers in Adelaide in 2015, Fleet says the new funding will enable it to meet the increasing demand for global deployments of private IoT networks, powered by its constellation of nanosatellites, across industries including logistics, resources and energy.
Fleet’s technology will also make it possible to help connect the more than 14 billion low-power, industrial IoT sensors and devices expected to come online by 2025.
“Our unique combination of global connectivity, edge computing and myriad new data points is unlocking billions of dollars of value in mining, energy and agriculture. Every giant leap of human progress stemmed from a communications breakthrough. That's why we started Fleet.”
Lee Carter, Principal with Momenta Ventures: “We believe that the next wave of innovation in Connected Industry will be powered by Low Power, Wide Area networks, and see satellites complementing terrestrial networks to provide coverage anywhere, anytime,” said Lee Carter, Principal with Momenta Ventures.
“The advent of new communications technologies like 5G and nanosatellites will enable massive worldwide adoption of Internet of Things devices globally for the first time,” said Patrick Poon, Director of Horizons Ventures.
“We are excited to see how Fleet’s technology and constellation of satellites can become crucial to bringing the possibilities of the IoT to the far reaches of the globe.”