Ibadan, 15 January 2024. – Space Product and Innovation S.r.l (SPiN), a provider of modular space manufacturing solutions, has announced the successful closure of a €1.63 million seed funding round. Galaxia, the Italian Technology Transfer Hub on Aerospace, led the round, with participation from Obloo Ventures, Scientifica Venture Capital and Innova Venture. This significant investment will consequently propel SPiN’s mission to revolutionize space manufacturing and democratize access to space.
The space manufacturing solutions company has now raised a total of €1.74M to date, including a previous investment of €140 thousand from Business Angel investment and accelerator programs. Furthermore, as a part of the funding round, a representative from Galaxia will join SPiN’s board of directors, and the startup’s headquarters will move from Germany to Italy. SPiN will consequently leverage the investment to scale the startup, intensify research and development, explore commercial opportunities, and further qualify the hardware in an operational environment.
SPiN’s mission is to democratize access to space by providing high-quality, innovative, and affordable space manufacturing solutions. Furthermore, the Company’s modularity-as-a-service approach reduces design costs by 50%, production costs by 30%, and integration time by a year for spacecraft manufacturers. The company empowers satellite manufacturers to allocate resources where they matter most, fostering the pursuit of new ventures in the short and long term.
Speaking on how the funding will influence the Company’s goals, Ran Qedar, SPiN’s CEO, said, “Our goal is to redefine space manufacturing, making it accessible and efficient. This funding will accelerate our efforts to bring about positive change in the space industry.” The CEO also added, “Space exploration is limited by inefficient designs and lengthy processes. SPiN empowers satellite manufacturers to focus resources where it matters, enabling them to pursue new ventures efficiently.”