Blackbird backs Australian space, IoT start-up

Additional participation came from Horizon Partners, Earth Space Robotics and Atlassian co-founder Mike Cannon-Brookes, who has supported both of Blackbird’s funds. Blackbird intends to offer the company networking support as it develops a microsatellite business that will provide data connection services to IoT customers.

“One of the things holding back the proliferation of the internet-of-things is the fact that it’s difficult and expensive to connect a lot of the devices,” said Rick Baker, co-founder of Blackbird. “The mission of Fleet is to make this really easy and to change the paradigm on how you connect something that can be anywhere in the world, cheaply, efficiently and effectively. That’s a really huge market.”

Fleet was founded in 2015 by aerospace engineers Flavia Tata Nardini (pictured) and Matthew Tetlow with an aim to develop a low-orbit communications system to support industrial sectors such as mining, agriculture, transport, logistics and energy. The company intends to leverage the emergence of low-cost rockets for commercial launches as well as advances in smart phone technology that allow for the efficient construction of teacup-sized satellites known as cubesats. According to a statement, it has already tested the project using high-altitude balloons.

The Space Industry Association of Australia estimates that the domestic space industry attracts A$1 billion per year in government investment and produces annual revenue of A$3-4 million. Australia represents about 1% of the global space economy, although Asia Pacific projects are said to account for 50% of non-US world space industry expenditures.

Recent venture capital activity includes a $75 million Series D round last month for Rocket Lab, a US and New Zealand-based company building a launch services business for clients operating small imaging and communications satellites. Last year, Singapore’s Astroscale received $35 million for the development of equipment to remove hazardous debris from orbit. 

Blackbird was set up in 2012 and raised A$30 million for its debut fund. In 2015, the firm reached a close of about $200 million for its second fund, which comprises a A$75 million main fund and a A$125 million vehicle for follow-on investments. 

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• Topics
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• Blackbird Ventures
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• TMT