SAN FRANCISCO – French startup U-Space has raised €24 million ($27.8 million) to expand its role in the small satellite constellation market.
With funding from the Series A round, Toulouse-based U-Space will develop the software to ramp-up to production of one satellite per week by 2027. Eventually, U-Space seeks to manufacture one satellite per day for global constellations.
The investment round announced Nov. 12 was led by Blast’s Definvest fund managed by Bpifrance for France’s Ministry of Armed Forces, and Expansion Venture Capital. Also participating in the round were: Primo Capital, Karot Capital, ARIS Venture Capital and Vertech Finance.
The first two satellites designed, built and operated by U-Space launched in March on a SpaceX Transporter rideshare. Another ten satellites are scheduled to be delivered in the next year.
U-Space is working with the French space agency CNES, Safran, Emirati National Space Science and Technology Center and the French Defense Innovation Agency.
“With its initial successes paving the way for many more to come, it was only natural for Definvest to renew its support,” François Charbonnier, Bpifrance investment director, said in a statement.
To meet growing demand for small satellites to fill constellations, U-Space developed U-Zine, an 850-square-meter cleanroom.
“We are confident that the company has all the assets needed to establish itself as Europe’s leading manufacturer in the small satellite constellation market,” Ilaria Cavalleri, Primo Space Fund investment principal, said in a statement.
After launching several spacecraft including a European space situational awareness satellite, “U-Space has already demonstrated a strong space heritage and the high reliability of its in-orbit systems,” Expansion founder Charles Beigbeder said in a statement.
“Over the past few years, U-Space has demonstrated its ability to build a strong team and implement robust industrial processes,” Alexis Bès de Berc, Blast investment manager, said in a statement. “This new phase marks a strategic turning point, with the scaling up of production and expansion into international markets.”