The Technoport-based spacetech will use the funds to continue its development of modular space manufacturing solutions and increase its team size.
Space Product and Innovation‘s(SPiN) €1.63m seed round was led by Galaxia, the Italian Technology Transfer Hub on Aerospace powered by CDP Venture Capital, together with Obloo Ventures, with participation from Scientifica Venture Capital and Innova Venture.
Known for its innovative plug-and-play approach, SPiN, based in Italy with subsidiaries in Luxembourg, the UK, and the US, aims to democratise access to space by providing more affordable manufacturing solutions. Reducing design costs by as much as 50% and production costs by 30%, the spacetech supports satellite manufacturers in better allocating their resources.
SPiN empowers satellite manufacturers to focus resources where it matters.”
SPiN CEO Ran Qedar
“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,” said SPiN CEO Ran Qedar.
With an office dedicated to modular avionics and CubeSat at Technoport’s incubator since 2022, SPiN aims to increase its team in Luxembourg in response to its 2024 project needs. Furthermore, the startup will move its HQ from Germany to Italy where it hopes to scale, intensify its R&D efforts, and explore further commercial opportunities.
Since launching in 2015, the startup has joined the European Space Agency Business Incubation Center, was selected as one of the Top 500 Companies for Hello Tomorrow in 2019, and launched its first satellite in 2022.
