Australia’s Fleet Space Technologies is claiming ‘massive success’ with more than one million devices registered on its Project Galaxy low cost satellite network less than 24 hours after the network launched.

The network aims to provide global, low-cost LoRaWAN coverage for internet of things devices globally, promising connections for just US$2 per device, per year.

The one million devices, which include ‘hundreds of thousands’ of devices from several Fortune 500 companies and IoT startups, will be connected within the next three years, with a further two million on the waiting list to join the network.

Flavia Tata Nardini, Fleet Space Technologies chief executive, says Project Galaxy booking out within 24 hours shows the ‘enormous dmeand’ of low-power, cost efficient industrial IoT.

“The revolution is here,” Tata Nardini said.

“The market has spoken – our edge computing IoT gateway, deployment of long range LoRaWAN devices and ultra-low cost connectivity is what customers around the world need, right here, right now.”

The Adelaide-based company launched its first satellites in November, using New Zealand-based Rocket Lab for the launch, followed by further launches of larger satellites later that month from ISRO (the Indian Space Research Organisation) and Elon Musk’s SpaceX in December.

The satellites are the start of a constellation of nano satellites creating a global network to connect some of the 75 billion sensors expected to be in use globally over the next decade.

Fleet says the nano satellites will bring mass-scale efficiencies for industries such as agriculture, mining and logistics by enabling businesses to gather complex, revealing data to improve their operations.

When combined with Fleet’s ground terminal – dubbed The Portal – the constellation, which will eventually include more than 100 satellites, will enable connectivity in remote industries where cellular networks are not present.

A further 10 satellites are now being prepared for launch to meet customer demand.

Fleet says the possibilities for mass scale IoT deployment are ‘endless’. The company cites examples including tracking cattle on remote Australian outback farms, monitoring temperature fluctuations in bee hives in California and for safely applications along Canada’s essential oil pipelines.

The company was founded in 2015 by aerospace engineers Tata Nardini and Matthew Tetlow, along with co-founder Matt Pearson, and is backed by Blackbird Ventures, Mike Cannon-Brookes’ Grok Ventures, Horizon Partners and the South Australian Government.

“For years, the market has faced systems that are too expensive, plagued with limited bandwidth or operating in technology silos. Industrial IoT solutions are no longer out of reach, we’re thrilled to be a pioneering ultra-low cost IoT for business across the globe,” Tata Nardini said.