U-Space, a Toulouse-based SME specializing in the construction and operation of small satellites, announced on November 12 that it had raised €24 million in a Series A funding round. The funds will be used to streamline production with the aim of expanding into new markets.
On the sidelines of a visit to the Space Command in Toulouse on Wednesday, November 12, U-Space announced a €24 million funding round, following a €7 million raise in 2022. The Series A round includes funding from the DGA’s Definvest investment fund, managed by BPI France. U-Space is also the prime contractor for one of the DGA’s future technology demonstration missions (via the Defense Innovation Agency), named Toutatis. Other Series A investors include Blast, Expansion, Karot Capital, ARIS, Vertech Finance, and the Italian fund Primo Space from the Primo Capital group.
Founded in 2018, U-Space operates several satellites in orbit, including two SOAP and Pandore demonstration CubeSats, launched on a SpaceX rideshare flight on March 15, whose first few months have been a resounding success. U-Space’s backlog includes about ten other small satellites to be delivered over the next twelve months. Based in the heart of the Aerospace Valley in Toulouse, the company has its own operations room and its “U-zine,” an 850-square-meter cleanroom facility. Ultimately, the U-zine is expected to be capable of producing one satellite per day. U-Space is counting on this funding round to initially reach the goal of one satellite per week.
In an interview with Air & Cosmos, Cyril Brotons, Director of Industrial Strategy and Products at U-Space, announced that the funding will support the factory’s scale-up, including specific sections of the final assembly line, climate chambers, autonomous transport systems, mobile assembly stations, and more. The funds also cover the software component, including the structuring of the data architecture to enable the implementation of data management, the deployment of industrial equipment monitoring, and the enhancement of quality controls through artificial intelligence.
Eyes turned toward the rising sun
U-Space is one of the first French New Space companies to have signed a contract in the United Arab Emirates (the launch startup Latitude has signed an agreement to launch 10 satellites for Madari Space by 2028). This contract, signed on September 26 between U-Space and the UAE’s NSSTC (National Space Science and Technology Center), marked the launch of the Toulouse-based startup’s export strategy. According to its press release, U-Space is targeting the Middle East and the Asia-Pacific region, while other European New Space companies also specializing in the mass production of small satellites, such as Belgium’s Aerospacelab, have their sights set on the U.S. market.
