Ibadan, 25 April 2024.- Primo Space Fund has announced two new investment deals with Lithium Lasers and Ecosmic, investing about €2,6 million across both deals. This round of investments brings Primo Space Fund’s portfolio to fourteen companies.
Lithium Lasers S.r.l., an Italian startup, developed a USPL called FemtoFlash for material processing, biophotonics and non-linear optics applications in several industries, and is particularly useful when dimensional accuracy and tighter tolerances are necessary. Primo Space Fund committed €1.5 million in a €2 million round with the co-investment from 360 Capital. Lithium Lasers will consequently leverage the funds to accelerate the process of industrialization and commercialization along with starting work on a new line of UV Lasers, which will tentatively launch in the next few years.
On the other hand, Ecosmic S.r.l., another Italian startup, is developing a software solution for Space Situational Awareness (SSA) and collision avoidance called SAFE (System to Avoid Fatal Events). By employing proprietary algorithms that support space mission operators in assessing threats from orbital collisions with higher accuracy and lower risk of overestimation (cost saving), the collision avoidance software identifies the best avoidance maneuvers to perform.
Primo Space Fund also invested €1.1 million in Ecosmic’s funding round, which Ecosmic will leverage to strengthen its team and develop SAFE 2.0, an upgraded version enabling satellite operators to adjust mission planning to specific contingencies, from collision avoidance maneuvers to anomaly detection and more, with a full satellite mission management tool.
Alessandro Greborio, CEO and co-founder of Lithium Lasers commented about the raise; “With the financial and strategic support from Primo Space and 360 Capital Partners, we are set to accelerate the industrialization of our product and consolidate our position as a leading provider of laser solutions for high-precision manufacturing of components used in various industries.
