Indico leads €6.3 million in Fossa Systems to launch nano satellites

Indico Capital Partners has led a €6.3 million investment round in Fossa Systems which plans to launch nano satellites.

The Spanish startup opened a R&D centre in Portugal at the end of 2023 and is beginning its international expansion.

Nano satellites, also known as CubeSats or NanoSats, are small satellites that typically weigh less than 10 kilograms, measuring from 10 centimetres to 10 x 10 x 11.35 centimetres in size. They are an inexpensive way to send a satellite into orbit and have become increasingly popular in the aerospace industry. Nano satellites provide a range of applications including communications, Earth observation, remote sensing, and scientific research.

“We’re very excited to bolster our IoT offer by satellite as a commercial service and consolidate our nano satellite technology at the centre of our business model. This investment will drastically accelerate the time to market and consolidate our position as a leading supplier of IoT solutions by satellite,” says Julien Fernández, CEO and co-founder of Fossa.

Apart from Indico which led the Series A round from its Indico Blue Fund, the other investors were the Japanese VC Nabtesco Technology Ventures, Newmind Venture and Sabadell Venture Capital.