French spacetech Infinite Orbits, which builds software and hardware to provide in-orbit services such as refuelling and repairing satellites, has raised €40m to expand across Europe. About €10m of the round was debt funding.
The fundraise was led by German VC Matterwave Ventures and France-based Wind Capital, with participation from the European Innovation Council (EIC) Fund and a host of investors from across the continent, such as France’s IRDI and Newfund, and Poland’s Balnord.
This will enable Infinite Orbits to build a pan-European presence, says the company, with plans to open offices in Luxembourg, Spain, the UK, Germany and Poland. The startup currently operates in France, the US and Singapore.
“This financing round illustrates how the coordinated mobilisation of European private capital can strategically support the emergence of a leader in in-orbit servicing,” said Infinite Orbits CEO Adel Haddoud in a statement.
What does Infinite Orbits do?
Based in Toulouse, the startup develops small spacecraft fitted with autonomous vision-based navigation software to service in-orbit satellites, from asset inspection to life extension through management of the end-of-life phase.
This year Infinite Orbits brought in less than €20m in revenue and the company says it has contracted €150m in revenues over the next three years from customers in the civil and defence sectors.
Earlier this year, it announced a contract of up to €50m to provide in-orbit inspection and surveillance services for the French defence ministry’s space command.
Infinite Orbits says it now aims to “replicate the trusted partnerships it has established with the French sovereign institutions” across Europe.
The startup has also secured partnerships with a number of satellite operators including US multinational Intelsat and Luxembourg-based company SES. With SES it plans to carry out Europe’s first commercial life extension mission in 2027.
Alongside geographical expansion Infinite Orbits will use the fresh funds to accelerate the deployment of its fleet of satellites dedicated to in-orbit servicing.
It is the start of a “new phase”, according to the startup, with plans to further grow its order book.
The company currently counts 100 employees.
