Headquartered in Luxembourg, EnduroSat is on a mission to transform the complex satellite industry into a streamlined data service. The SpaceTech startup has now secured over €9 million ($10 million) to scale.
Space technology is a rapidly evolving market with new opportunities opening up for companies and innovators looking to push forward the next frontier. SpaceTech can have a monumental influence on life here on Earth with satellites providing powerful data and insights.
European player, EnduroSat, aims to take the evolving satellite industry and streamline the data we can harness from it. The aim is to enable instant access and transactions with space data on the cloud from hundreds of sensors in orbit. Now, the startup has secured over €9 million in Series A funding.
The round was led by CEECAT Capital. Existing investors like the German Seed fund Freigeist Capital also joined the round.
Raycho Raychev, EnduroSat Founder & CEO: “I am truly excited to welcome the CEECAT Capital team onboard. They have demonstrated a true work ethic, understanding, and enthusiasm for what we are trying to build and an amazing experience to help us get to the next level. Working together, we will continue to pursue our vision – Space can be universally accessible. Scaling has never been easy and having the right partners marks the biggest difference. I cannot wait to see the next steps of our development”.
Founded in 2015, EnduroSat leverages unique satellite technology and their Satellite as a Service solution to enable easy access to space data without the usual legal, technical or logistical challenges. In doing so, the startup is opening up space for a new generation of more efficient and affordable Space-as-a-Service solutions.
Headquartered in Luxembourg, the startup has R&D operations in Bulgaria, Germany, Italy and France. It has already supported more than 210 customers, multiple missions, and delivered over 2500 satellite modules flying in orbit onboard customers’ satellites, since its market debut in 2018.
The innovative company has new offices in Berlin, Toulouse, Naples and Delaware and plans to continue to scale the team. EnduroSat also recently opened a new Space Center in Sofia for Space testing, assembly and qualification.
This funding comes on the back of an impressive beginning to 2023, in which the company also reports 6 consecutive years of growth exceeding 200% YtoY. The investment will enable EnduroSat to scale its operations and address a wider satellite market, including constellation as a service, as well as further improve its satellite tech.
Anthony Stalker, CEECAT Capital, Partner: “We are excited to be partnering with Raycho and EnduroSat on their journey to be a global leader in this new chapter of the growth of the space industry. EnduroSat is emerging as a leading player in the fast-growing small satellite market, building on the untapped talent pool of highly skilled and educated scientists and engineers in Bulgaria.
What Raycho has achieved to date is truly world-class and we share his vision and excitement about the future of space, its benefits to humanity, and EnduroSat’s potential to drive this change and emerge as a leader in the industry. We plan to work with Raycho to accelerate the company’s global growth and help him achieve the vision he had when he started this journey 10 years ago”.
Read the orginal article: https://www.eu-startups.com/2023/05/spacetech-startup-endurosat-secures-over-e9-million-to-better-harness-data-from-satellites/
