U-Space has announced that it has closed a €24 million Series A round to expand into the global small satellite constellation market. Following an initial €7 million funding round in 2022, the French small satellite manufacturer today announced a new €24 million Series A round led by Blast, the French Ministry of Armed Forces’ Definvest fund managed by Bpifrance, and Expansion, alongside Primo Capital through its Primo Space investment fund, Karot Capital, Aris and Vertech Finance. Bolstered by its early commercial successes and driven by its ambition to become Europe’s leading manufacturer of small satellite constellations, U-Space, now expanding into global markets, has secured the renewed confidence of its long-standing financial partners and won the trust of new investors.
With three satellites already in orbit, a dozen more to be manufactured and delivered over the next year, and major contracts signed with leading players such as CNES and Safran, U-Space has established itself in the small satellite manufacturing market. This proven reliability and the strong potential it signals for future growth have convinced U-Space’s long-standing financial partners to once again support the French company:
Thanks to its excellence and the quality of its teams, U-Space actively contributes to France’s sovereign ambitions in the space sector. With its initial successes paving the way for many more to come, it was only natural for Defi nvest to renew its support,” said François Charbonnier, investment director at Bpifrance, in a statement.
U-Space has also attracted the attention of other investors, including Italy’s Primo Capital through its Primo Space investment fund, as well as Expansion. “U-Space’s position within the value chain, combined with its technological expertise, gives it very promising commercial potential. We are confident that the company has all the necessary resources to establish itself as a European leader in the small satellite constellation market,” says Ilaria Cavalleri, investment manager at Primo Space.
According to Charles Beigbeder, founder of Expansion: “Since its inception, the founding team at U-Space has successfully achieved key milestones, transforming a project into a fully-fledged industrial enterprise. With the launch of several satellites, including Europe’s first SSA satellite, U-Space has already demonstrated solid experience in the space sector and the high reliability of its systems in orbit. We firmly believe that the combination of industrial expertise and entrepreneurial vision promises a bright future for U-Space.
Driven by the ambition to align its production rate with the competitiveness and volume requirements of the small satellite constellation market, U-Space has drawn inspiration from best practices in the automotive industry to adopt a mass production approach. At the heart of its industrial strategy is the U-Zine: an 850-square-metre clean room facility designed to achieve a production rate of one satellite per day. The software development made possible by the €24 million raised will significantly support this increase, with the first milestone set at one satellite produced per week by 2027. In recent years, U-Space has built a team with the necessary skills and implemented robust industrial processes. This new phase marks a strategic turning point, with increased production and expansion into international markets. “We are proud to support a team and a company that are turning their space vision into industrial reality,” says Alexis Bès de Berc, venture capital investment manager at Blast.
Following its recent project with the National Space Science and Technology Centre (NSSTC) in the United Arab Emirates, U-Space is now turning its attention to global markets, particularly Asia-Pacific and the Middle East, as confirmed by Fabien Apper, president and co-founder of U-Space: “These regions are demonstrating remarkable technological dynamism and a strong desire to develop their space economies. These are strategic markets where we can make a contribution, both at the government and commercial programme levels. This is an opportunity to demonstrate our ability to support global space ambitions, and this funding will enable us to do so.
Thanks to this fundraising, U-Space intends to strengthen its commercial team to intensify its development, from the European stage to the international one. With unique know-how covering the entire value chain, from the design of small satellites to in-orbit operations through its own operations centre, U-Space has convinced its long-standing financial partners to renew their support. These strengths, combined with a clear industrial vision, strong commercial potential and solid international ambition, have also attracted new investors who are now joining the funding round.
ALL RIGHTS RESERVED ©