Hostplus has announced it has invested $6.8 million in nanosatellite company Fleet Space Technologies via investment fund Blackbird as part of a US$26.4 million ($35.7 million) series B funding round.
The super fund joined Alumni Ventures, the South Australian Venture Capital Fund (SAVC) and In-Q-Tel as new investors in Fleet Space during the funding round, which was led by Artesian Venture Partners, Blackbird, Grok and Horizons Ventures.
Fleet Space has developed nanosatellite technology that aims to provide coverage to millions of industrial internet of things (IoT) devices globally. Six of the company’s nanosatellites are already in orbit with plans to build a “constellation” consisting of 140 satellites in total.
The new funding round values the company at US$126 million ($172.9 million).
Hostplus CEO David Elia described the investment as “exciting” for the fund and its members and said it represented a significant private equity investment milestone.
“While still an emerging technology company, Fleet Space is already a global leader in advanced low-power nanosatellite expertise,” said Mr Elia.
“Their work has been both impressive and valuable, making internet connectivity cheaper and more accessible around the world.”
Fleet Space plans to use the new funds to boost manufacturing and create 70 new jobs in STEM positions.
“This investment secures the long-term sustainable growth of Fleet Space and is a global endorsement of the power of the rapidly growing space technology sector,” said Fleet Space Technologies CEO and founder Flavia Tata Nardini.
“We are ready to scale and realise the full potential of IoT technology to secure planet-wide coverage of millions of industrial devices. This will save billions of dollars for organisations in lost value while preserving precious resources and reducing carbon emissions.”
Hostplus said it has now invested $1.5 billion of the $2.2 billion it has committed to the venture capital sector.
“As a locally grown fund, we are supporting Australian businesses who are expanding and this represents a significant opportunity for growth to benefit our members’ longer-term investment outcomes,” said Hostplus chief investment officer Sam Sicilia.
