Swiss-based SWISSto12 raises €26.1M working capital for its HummingSat satellite expansion

SWISSto12, a satellite and radio frequency product manufacturer based in Renens, Switzerland, announced on Wednesday, September 13, that it has secured CHF 25M (nearly €26.15M) working capital from UBS Switzerland AG, the multinational universal bank.

Since SWISSto12’s inception in 2011, it has raised more than €50M in capital from prominent Swiss and European investors, including CNB Capital, Swisscom Ventures, Swisscanto, and Zürcher Kantonalbank (ZKB).

Additionally, the company has also partnered with the European Space Agency (ESA), securing over €30M in support for the development of HummingSat, the first SmallSat designed for geostationary orbit.

Manufacturer of Radio Frequency products, satellite payloads and systems

Founded by Emile de Rijk, SWISSto12 is a manufacturer of advanced satellite payloads and systems. It is notable for the HummingSat, a geostationary telecommunications satellite developed in partnership with the European Space Agency (ESA).

The company stands out due to its patented 3D-printing technologies and Radio Frequency (RF) product designs, which enable the creation of lightweight, compact, high-performing, and cost-effective RF functionality in their satellites and payloads. 

Founded as a spin-off from the Swiss Federal Institute of Technology in Lausanne (EPFL), SWISSto12 claims to have achieved commercial success in Europe, the US, and Israel.

Besides their space-related products, the company is active in telecommunications, surveillance, and radar applications for the aeronautic industry.

Funds to meet the high customer demand

In recent years, SWISSto12 reports to have achieved significant milestones in the satellite industry. They secured contracts to supply HummingSat satellites to major players like Intelsat and Inmarsat (through the acquisition of Viasat in 2023). 

These accomplishments have led to a backlog of orders, exceeding €200M, encompassing various aspects of their business, including Radio Frequency products and subsystems, collaborations with the European Space Agency (ESA), and contracts for HummingSat satellites.

Pär Lange, Partner at Swisscom Ventures, says, “SWISSto12 is the first ever growth-stage company to sell a whole geostationary satellite to global satellite operators – a testament to the uniquely transformative market potential of the HummingSat platform and the team’s technical and commercial acumen.”

“Having generated over €200M in customer orders, SWISSto12 is also one of the few growth-stage companies able to secure a growth facility of this magnitude from a multinational bank such as UBS – the company is in a tremendously good position to reinvigorate the geostationary communications market on which billions of people depend for broadband, broadcast and safety services,” adds Lange.

SWISSto12 says that the funding will help meet the high customer demand for its geostationary SmallSat product HummingSat.

Founder Emile de Rijk says, “This CHF 25M working capital facility with UBS gives us additional agility to execute the manufacturing and delivery of our first HummingSats and address strong customer demand.”

“With HummingSat, SWISSto12 is creating a new class of agile, high-performance SmallSat for geostationary orbit that is approximately three to five times smaller and lower cost than conventional geostationary satellites, while still reliably delivering critical services.”

“We’re excited to build on customer demand from global satellite operators and national governments with our innovative geostationary communications satellites that will better connect and protect users worldwide,” adds De Rijk.

About UBS

UBS is a global financial institution that provides a wide range of financial services, including wealth management, asset management, investment banking, and private banking. It is known for its focus on sustainable investing and delivering impactful thought leadership. 

UBS serves a diverse clientele, from wealthy individuals to institutional and corporate clients worldwide, with an emphasis on businesses that have a strong competitive position and long-term growth potential.

The firm employs over 100,000 individuals globally with a significant workforce in the Americas (30 per cent), Switzerland (30 per cent), Europe, the Middle East and Africa (19 per cent), and Asia Pacific (21 per cent).

UBS Group AG’s shares are publicly traded on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).