MSC 2024

#SpaceWatchGL Venture Space – January 2024

by Connor Sattely

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SpaceWatch.Global is happy to re-introduce its monthly venture capital column. Each month, we exhaustively identify all venture capital deals worldwide in space tech.

January 2024 Overview

2024 is off to a strong start for space-tech startups raising capital in the VC space, with over $475m USD (442m EUR) raised in January alone. At this pace, however, the annual space tech investment ecosystem projects to an annual $5.8b, a contraction versus 2023 levels of approximately $7.1b. Across 25 deals, and an average of $19m per deal, just under half of deals were located in the United States (7) and United Kingdom (5) with strong presence in Europe coming from France (3) and Italy (3).

Deal of the Month highlight

One such European investment of note this month was D-Orbit, who raised a whopping €100m from new investors – Japan’s Marubeni Corporation and French family office Avantgarde – along with a coalition of existing investors. D-Orbit won more than €60m in European government/space agency contracts in 2023 and successfully completed an additional seven missions of its ION orbital transfer vehicle. D-Orbit will use the Series C round to expand its offerings to include in-orbit satellite servicing and space cloud computing.

Industry size estimate

Dealroom and the European Space Agency (ESA) collaborate to run one of the industry’s most valuable assets to estimate the size of the space-tech market: the Space Tech Dashboard.

By the end of January, Dealroom identified 21 space-tech deals with a value of $323.62m USD (308m EUR), and two other deals which are not space-tech. SpaceWatch’s estimates: 25 space-tech deals, with a value of $475.14m USD.

The differences between these estimates stem from:

  • SpaceWatch.Global includes deals by Quindar, Atomic-6, D-Orbit, and Piersight that are not in the Dealroom database.
  • SpaceWatch.Global does not include deals by Taqtile and Apollo Agriculture, which are not related to space-tech, although these are present in the Dealroom database.
  • This article’s total includes deal-by-deal investment amounts; for some investments in Dealroom these amounts are missing.

Deals in January 2024

  • SynMax (US) – satellite data analytics – raised $13m.
  • Vortexa (UK) – satellite data on waterborne energy trades – raised £34m.
  • Oxford Space Systems (UK) – satellite data analytics – raised £3m GBP.
  • Piersight (India) – persistent surveillance for maritime – raised $6m.
  • Sateliot (Spain) – 5g connectivity from space – raised €6m.
  • D-Orbit (Italy) – space logistics and transportation – raised €100m.
  • Atomic-6 (US) – advanced composite manufacturing – raised $4.95m.
  • Indigo (US) – sustainable agriculture solutions – raised $20m.
  • Deep Planet (UK) – regenerative farming using satellite imagery – raised £680k.
  • Vulkam (France) –  new metal development/production – raised €14m in equity.
  • Space Products and Innovation (Italy) – modular space manufacturing – raised €1.63m.
  • Intermap Technologies (Canada) – 3D geospatial products – raised c$885k.
  • RocketStar (US) – propulsion engines and satellite launches – raised $2m.
  • Seasy (Austria) – app for guiding sailors to ports and marinas – raised €100k*.
  • BTRY (Switzerland) – thin-film solid-state batteries – raised CHF 900k.
  • Latitude (France) – light launcher technology – raised €27m.
  • Aldoria (France) – situational awareness data to protect space assets – raised €10m.
  • Albedo (US) – ultra-high resolution satellite imagery – raised $35m.
  • Volta Structural Energy (Italy) – structural battery technology. – raised €1m.
  • AiDash (US) – AI and satellite imagery for utilities maintenance – raised $50m.
  • Wayland Additive (UK) – electron beam 3D printing metal additives – raised £4.2m
  • Orienspace (China) – launch services – raised ¥600m.
  • Jiahe Technology (China) – AI remote sensing for agriculture – raised ¥100m.
  • Quindar (US) – satellite constellation automation – raised £6m.
  • Mobile GIS Services (MGISS) (UK) – mapping utilities using satellites – raised £600k.

* exact deal amount for Seasy was undisclosed.

For more details including a description of the investment use and full list of investors, get in touch: [email protected].

Did we miss your investment? If so, get in touch and let us know. We’ll add you to our list, and continue our mission towards finding every investment in space tech across the global VC ecosystem.

Connor Sattely – Courtesy of the author

Connor Sattely is an entrepreneur and startup advisor working in startup ecosystems all over the world since 2012. His monthly column for SpaceWatch.Global covers the world of venture capital in spacetech. Based in Amsterdam, he’s passionate about supporting startup founders as they grow and build their dream companies. He has launched startups in Switzerland, Uganda, and the Netherlands, and has advised founders in more than 50 countries. You can sometimes find him around Amsterdam playing the tenor saxophone with one of his bands.

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