SUMMARYSpanish startup FOSSA Systems raised about $10.5 million to expand its satellite connectivity constellation, with funding led by Kibo Ventures and support from Spain’s government-backed SETT fund. The six-year-old company plans to move beyond picosatellites toward larger cubesats in low Earth orbit to support sovereign communications and space-based intelligence capabilities. The round brings FOSSA’s total funding to nearly 20 million euros.
Spanish startup FOSSA Systems "has raised about $10.5 million to expand its connectivity constellation," reports Space News, noting some funding is backed by Spain's government:
The support from the Spanish Society for Technological Transformation (SETT) comes a year after the fund injected 14 million euros into Spain's Sateliot , which is also developing a satellite connectivity network with security and defense applications. Spanish private investment firm Kibo Ventures led FOSSA's funding round, the six-year-old venture announced June 24, bringing its total raised to date to nearly 20 million euros.
The proceeds will help fuel FOSSA's push beyond the tiny picosatellites it once used to connect low-power monitoring devices toward larger cubesats in low Earth orbit, enabling additional sovereign communications and space-based intelligence capabilities... The company's funding round follows a wave of investments this year in European ventures planning to develop sovereign space capabilities, including Austrian propulsion startup Gate Space, which secured 6.3 million euros earlier this month from a European Commission-backed accelerator program.
"Our goal is to establish FOSSA as a European benchmark in sovereign space infrastructure," said Julián Fernández, FOSSA's CEO and cofounder.