Luxembourg’s space fund has announced its first investment in a space traffic management firm, addressing the growing threat of space collisions and helping safeguard critical space infrastructure.
On Friday, the Luxembourg government announced that Luxembourg Space Sector Development SCSp participated in the Series C fundraising round of space situational awareness firm NorthStar Earth & Space Inc.
The Montreal-based firm, whose European headquarters are based in Luxembourg, closed a 35M Series C fundraising round at the start of January.
The round was led by US private equity firm Cartesian Capital Group and also includes investments from Telesystem Space Inc., the Luxembourg Future Fund – Co-Investments SA and the government of Quebec through its mandatory Investissement Quebec.
The Luxembourg Space Sector Development SCSp fund was established as part of the renewal of the concession contract between the Luxembourg State and Luxembourg satellite operator SES. Operational since 1 January 2022, the fund aims to support and strengthen the Luxembourg space sector and to create opportunities for the development of the Luxembourg ecosystem.
With more and more satellites being sent into the Earth’s orbit, the risk of collision is growing. NorthStar Earth & Space’s space situational awareness tool, which is scheduled for launch in mid-2023, will monitor all near-Earth orbits from space in a bid to avoid space collisions, protect critical space infrastructure and ensure sustainable space operations.
