Edinburgh/ Luxembourg, 27 October 2021. – Promus Ventures has closed a €120 million space fund named Orbital Ventures, Promus announced. The Luxembourg-based fund focuses on early-stage, space-related companies.
The European Investment Fund contributed €40 million, while other investors include the Luxembourg Government through the Ministry of Economy and the National Credit and Investment Institution.Luxembourg Government through the Ministry of Economy and the National Credit and Investment Institution.
Since its first close in January 2020, Orbital Ventures has invested in companies including Isotropic Systems, Ellipsis Drive, Fernride, Akasha Imaging, Recycleye and Wakeo. The space fund targets a broad spectrum of areas such as telecommunications networks, geospatial location-based services and applications. Robotics, sensors, data, Earth observation and environmental monitoring, transportation, logistics and space resource utilisation are also among the objectives.
The Orbital Ventures fund is managed by Promus Ventures which has offices in Chicago, San Francisco, and Luxembourg. The deep-tech venture capital company has invested in over 90 early-stage startups worldwide like Rocket Lab and Spire.