Startup FOSSA Systems secures funding to boost global IoT satellite network
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FOSSA Systems, a startup that uses satellites to connect devices through the Internet of Things (IoT), revealed on Wednesday that it successfully raised an undisclosed amount of new funding. The funding round was led by Indico Capital Partners and Nabtesco Technology Ventures, joined by existing investor Newmind Venture. The company, based in Spain, plans to use the funds to expand its network of low-power satellites, enabling improved communication on Earth. Julian Fernandez, co-founder and CEO of FOSSA Systems, stated, "We aim to strengthen our industrial satellite and IoT services while extending our reach globally," Payload reported.The Potential of IoTThe Internet of Things is a crucial technology for industries like agriculture, manufacturing, and logistics. FOSSA Systems a...