Since 2018, Europe has attracted more than one-fifth of the world’s venture capital (VC) funding in space upstream. Second only to the United States, nearly one in every four dollars invested in space tech globally has flowed into Europe.
European space tech has matured significantly. In 2018, 77 per cent of European space tech startup funding was domestic. Meanwhile, last year, this figure had decreased to 42 per cent. The shift indicates that later-stage companies are increasingly attracting international investors.
Europe currently boasts three verified unicorns and $1B-plus exits in space tech. According to a Dealroom report, Germany is the frontrunner in upstream space funding within Europe in 2023. The UK and Italy follow, with Italy experiencing the fastest growth due to high financings.
Several key hubs have established themselves In the region. Munich has become the centre for VC-backed space startups. Meanwhile, London, Cambridgeshire, and Oxfordshire areas form clusters for communication and connectivity satellite operations.
In 2022, European ministers have proposed a 25 per cent boost in space funding to maintain Europe’s lead in Earth observation. With that said, here is a list of Europe’s top space tech companies taking us deeper into the unknown.
Space Forge
Founder(s): Andrew Bacon, Joshua Western
Founded: 2018
Funding: $21M (€19.3M)
Hiring: Yes, check job opportunities here
Headquartered in Bristol, Space Forge aims to lower entry barriers for research and development in space.
The company’s focus lies in in-space manufacturing. It makes use of unique environments, such as microgravity, vacuum, and extreme temperatures to create products. According to SpaceForge, manufacturing in space could reduce CO2 emissions by 75 per cent. The amount is equivalent to removing all cars from UK roads annually.
Its innovation ForgeStar is a service that combines both the launch and return of a small class of vehicles. The vehicles are deployable from conventional launchers for reliable and reusable in-space infrastructure. ForgeStar has been awarded a $2.4M contract through ESA’s Boost! Programme supported by the UK Space Agency.
The company closed Europe’s largest-ever seed round for a space tech company of $10.2M. The oversubscribed seed round reached four times its original target. It saw participation from Berlin’s World Fund, Los Angeles-based Type One Ventures, and Houston-based Space Fund.
The Exploration Company
Founder(s): Artur Koop, Hélène Huby, Nils Bernhardt, Pierre Vinet, Priyanka Das Rajkakati, Romain Mabboux, Sebastien Reichstadt
Founded: 2021
Funding: €46.8M
Hiring: Yes, check job opportunities here
The Exploration Company was founded in Munich, in 2021, by former employees of Airbus and ArianeGroup. It develops modular and reusable spaceships named Nyx, which serve space stations around Earth and the Moon.
Nyx vehicles are refuelable in orbit and utilise green propellants. On top of operating on an open-source system, this makes them a cost-effective choice for explorations. A full maiden flight for Nyx is expected in 2026.
Last February, the company closed a €40M Series A round co-led by EQT Group and Red River West. The amount is the largest Series A funding for a space tech company in Europe to date. The funding will support the development of the Nyx capsule and other mission capabilities.
Exotrail
Founder(s): David Henri, Jean-Luc Maria, Nicolas Heitz, Paul Lascombes
Founded: 2015
Funding: $75.4M (€69.5M)
Hiring: Yes, check job opportunities here
Exotrail was founded by David Henri, Jean-Luc Maria, Paul Lascombes, and Nicolas Heitz in 2015. Headquartered in Palaiseau, France, the company specialises in electric propulsion systems for small satellites.
Its Hall Effect Thrusters help create agile constellations that support Earth observation and space science. The company is also developing Spacedrop, a logistics service akin to DHL for satellites. The service ensures the safe delivery of satellites from Earth to their required orbits.
In February 2023, the company raised $58M from both public and private investors. Led by Bpifrance, the funding from the round will be used to establish two US subsidiaries.
D-Orbit
Founder(s): Giuseppe Tussiwand, Luca Rossettini, Renato Panesi, Thomas Panozzo
Founded: 2011
Funding: €121.3M
Hiring: Yes, check job opportunities here
Italian company D-Orbit offers satellite lifecycle management solutions, from development to launch and decommissioning. Based in Milan, the company wants to reduce operational costs and make space operations sustainable. D-Orbit also has subsidiaries in Washington, DC, and Lisbon, Portugal.
Its offerings include ION Satellite Carrier, a satellite deployment and in-orbit transportation solution. The service carries multiple satellites and deploys them in their final orbits. Once it has finished its delivery, the spacecraft can be used for secondary missions. This includes satellite servicing, debris removal, relay communications, or on-orbit data processing.
D-Orbit also created Aurora, a mission control software suite. With Aurora, explorers can create mission planning and manage satellite operations.
Yuri
Founder(s): Christian Bruderrek, Maria Birlem, Mark Kugel
Founded: 2019
Funding: Undisclosed
Hiring: Yes, check job opportunities here
Yuri, based near Konstanz, Germany, provides access to microgravity for research and manufacturing purposes. The company creates compact micro labs that can be used in various space missions.
One of the uses of Yuri’s labs is to conduct experiments in a microgravity environment. Yuri’s modular laboratory units can be easily integrated into various spacecraft. With it, scientists can grow cell cultures in 3D, model human diseases, or analyse proteins and molecules. Additionally, the study of synthetic biology, plant biology, and nanofluidics is also made possible.
Launched in 2019, Yuri’s services are becoming increasingly affordable as space launch costs decrease. Yuri’s missions start at €10,000, which makes it viable for research clients.
Satellite Vu
Founder(s): Anthony Baker, Simon Tucker, Tobias Reinicke
Founded: 2016
Funding: £31.3M (€36.7M)
Hiring: Yes, check job opportunities here
Launched in 2016, London-based Satellite Vu uses infrared and thermal imaging to monitor Earth’s temperature. Its data provides information related to energy efficiency and environmental impact.
Now, the company wants to launch a constellation of satellites that offer real-time temperature data for buildings and infrastructure. It aims to become “the Earth’s thermometer in space.” The data can be used to monitor economic activity, energy consumption, and environmental violations, such as illegal sewage discharge.
With a recent $20.7M Series A round, the company is set to launch the first of seven planned satellites. The round saw participation from investors including Seraphim Space Capital and Molten Ventures
PLD Space
Founder(s): Raúl Torres, Raúl Verdú
Founded: 2011
Funding: €53.6M
Hiring: Yes, check job opportunities here
The Elche-based PLD Space is one of the leading space tech companies in Spain. It wants to provide low-cost, high-reliability access to space.
As part of its offerings, the company offers suborbital and orbital launch services to its clients. PLD Space developed the recoverable Miura1 rocket, which was named after a breed of fighting bull. Miura1 was launched from a site in southwest Spain in October and saw a rise 28.6 miles into the sky before falling back to Earth.
Although the rocket did not reach space, its future development holds potential. The company plans to do a re-launch in 2025 and commence Miura1’s services in 2026.
ICEYE
Founder(s): Pekka Laurila, Rafal Modrzewski
Founded: 2014
Funding: $406.3M (€477M)
Hiring: Yes, check job opportunities here
ICEYE is a Finnish company specialising in Synthetic Aperture Radar (SAR) satellite imaging. Its services offer high-resolution, reliable data regardless of weather conditions or time of day.
With its SAR Technology, ICEYE’s satellites can capture images through clouds and at night. This gives it an advantage over traditional optical satellites.
The company’s data supports disaster monitoring efforts. Sectors like maritime, disaster management, insurance, and finance can benefit from ICEYE’s information on possible disasters like floods and wildfires.
ICEYE saw a $136M Series D funding in 2022, which helped it expand its satellite constellation. The company is hopeful for its future relevance as disasters may likely happen more due to climate change.
Solstorm
Founder(s): Halvor Bakke-Veiby
Founded: 2020
Funding: $200K (€184K)
Hiring: Yes, check job opportunities here
Headquartered in Trondheim, Norway, Solstorm tackles the issue of space debris with its hybrid propulsion systems. It deorbits satellites and rockets using solar wind energy, offering an alternative approach compared to traditional propulsion methods.
Solstorm minimises space debris to increase the sustainability and safety of space operations. Its Magbreak technology uses energy from the ionosphere to generate a magnetic field.
This induces electromagnetic drag to safely deorbit space debris. Without the need for external engines or propulsion supplies, the craft can launch without leaving behind hazardous ‘space junks’.
Aside from that, Solstorm also offers services such as spacecraft inspection, which allows for the early detection of anomalies. It also performs collision detection to minimise the risk of collision between spacecraft and orbiting objects.
Infinite Orbits
Founder(s): Adel Haddoud, Tamas Sarvary, Akshay Gulati, Manos Koumantakis, Hugo Mazzoccoli, Maciej Biernacki
Founded: 2017
Funding: $200K (€184K)
Hiring: Yes, check job opportunities here
Founded in 2017, Toulouse-based Infinite Orbits is a NewSpace company that operates AI-based in-orbit satellite services and systems. The startup was founded by a team of telecommunication entrepreneurs and aerospace engineers.
Infinite Orbit focuses on satellite maintenance, orbit correction, and de-orbiting services catered to global satellite operators. The company uses its advanced, patented autonomous navigation solution for services relying on rendezvous capability.
Last year, it became the first startup in the world to have a commercial nanosatellite in geostationary orbit.
In May, Infinite Orbits announced that it secured €12M in a funding round. The round was led by Newfund Capital along with the EIC Fund, IRDI Capital Investissement, and Space Founders France.
The fund will support the development of Endurance, its extension satellite, as well as its Rendezvous and Proximity Operations (RPO) technology.
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