- EnduroSat, the leading provider of software-flexible NanoSatellites and space services, raises a $10M Series A round led by CEECAT Capital, an EU investment firm for high-growth CEE startups.
- The round is joined by existing investors including the German seed fund Freigeist Capital.
- EnduroSat will use the investment to scale its operations, further improve its satellite tech, and increase its market share by expanding its portfolio with a “constellation-as-a-service”.
The news follows a record quarter in Q1 2023 for EnduroSat. For the past 6 years, the company has been growing by more than 200% year-to-year. Now, the team is growing their customer base in the US and EU and getting closer to accomplishing their mission of ensuring affordable access to space data.
Established in 2015, EnduroSat has emerged as a notable player in the satellite industry, seeking to reshape the landscape of spatial data services. The main mission of the company is to simplify access and transactions involving data from orbiting sensors, presenting a potential transformation in how space information is harnessed.
The “Satellite-as-a-Service” product of EnduroSat simplifies access to space data by eliminating the usual legal, technical, and logistical challenges. The company has built a fleet of over 2500 systems currently operational in space and has gathered a team of over 130 engineering professionals. This has enabled them to serve more than 210 customers worldwide.
“I am truly excited to welcome the CEECAT Capital team onboard. They have demonstrated a true work ethic, understanding, and enthusiasm for what we are trying to build and an amazing experience to help us get to the next level. Working together, we will continue to pursue our vision – Space can be universally accessible. Scaling has never been easy and having the right partners marks the biggest difference. I cannot wait to see the next steps of our development,“ Raycho Raychev, Founder and CEO of EnduroSat, comments on the investment.
Navigating the frontiers of satellite technology
“EnduroSat is emerging as a leading player in the fast-growing small satellite market, building on the untapped talent pool of highly skilled and educated scientists and engineers in Bulgaria. What Raycho has achieved to date is truly world-class and we share his vision and excitement about the future of space, its benefits to humanity, and EnduroSat’s potential to drive this change and emerge as a leader in the industry. We plan to work with Raycho to accelerate the company’s global growth and help him achieve the vision he had when he started this journey 10 years ago,” Anthony Stalker, Partner at CEECAT Capital, says in a press release.
In March 2023, EnduroSat announced joining a new space mission called TOLIMAN. The TOLIMAN mission was launched in 2021 by the University of Sydney and Breakthrough Initiatives – a suite of space science programs funded by the foundation established by Julia and Yuri Milner – in a bid to find evidence of orbiting planets in the Alpha Centauri system. EnduroSat is participating in Phase 2 of the program, with the mission of building microsatellites that can perform high-precision astrometric measurements on Alpha Centauri.
In the next three years, EnduroSat plans to expand its support to more space customers, with commitments already secured for the next five missions. To accommodate this growth, the company has established new headquarters in Luxembourg and opened offices in Berlin, Toulouse, Naples, and Delaware.
Additionally, EnduroSat has recently inaugurated a spacious Space Center in Sofia, featuring 3,200 square meters of office space and laboratories dedicated to Space testing, assembly, and qualification.
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