The fast-growing Toulouse-based start-up U-Space, which designs and produces nano and microsatellites, is strengthening its governance and preparing to raise funds for 2025.
Toulouse-based start-up U-Space (75 employees, sales undisclosed), which designs and produces nanosatellites and microsatellites (weighing from 10 to 150 kg), has just strengthened its governance by appointing Jean-Michel Darroy, a former manager at Airbus Defence and Space, as executive chairman, and Alain Coupier, an expert in operations management and business development, as deputy managing director. These two experienced and recognized additions to the space ecosystem will temporarily support Fabien Apper (Chairman) and Antoine Ressouche (Managing Director), who co-founded U-Space in 2018, as the start-up takes off and prepares to raise funds for 2025 (amount confidential).
7 million euros raised in 2022
In September 2022, the company raised 7 million euros from Karot Capital, the French Ministry of Defence’s Definvest fund managed by Bpifrance, and BNP Paribas Développement. At the time, it was one of the largest seed capital raisings for a French NewSpace player. “It’s an energy-consuming period for the founders, who are on the front line in convincing investors, and if you’re not careful, this can be to the detriment of operations”, comments Jean-Michel Darroy, who had already advised the start-up on a pro bono basis two years ago at the invitation of Aerospace Valley.
A spin-off from CNES, for which it produced the EyeSat nanosatellite (an astronomy project designed to study zodiacal light and the Milky Way through a miniaturized space telescope), U-Space then won a tender on behalf of CNES to design N3SS (Nanosat 3U for civil spectrum monitoring), a CubeSat-type nanosatellite launched on October 8, 2023 on flight 23 of the Vega launcher. At the same time, it has carried out several studies and missions for private players. Projects with space giants such as Airbus Defence and Space or Thales,” says the manager. This just goes to show that, contrary to popular belief, old Space and NewSpace are no longer compartmentalized.” U-Space has also scored its first export success with DLR, the German space agency.
Now based at B612, Toulouse Aerospace’s innovation center, the young company has taken 2024 in its stride. In particular, it has set up its pilot plant, a 1,000 m2 industrial facility on the first floor of the building, overlooked by a control center. This is the first version of the plant, in terms of size and level of automation,” explains Jean-Michel Darroy. In the future, the plan is to be able to produce several dozen or even more than 100 satellites a year.” U-Space has just completed the simultaneous assembly of two satellites to be launched in 2025. Another 7 satellites are under development for production in 2025,” adds Jean-Michel Darroy. And two more have just been won from CNES, to be produced in 2026.”
Prime contractor for the Toutatis project
Faced with European competition from Lithuania’s NanoAvionics, Denmark’s GomSpace and Toulouse-based Hemeria, U-Space continues to grow in strength. In September 2024, the French Defense Innovation Agency (AID) awarded it the contract for the Toutatis project (for “in-orbit testing of the use of action techniques against attempted space interference”), a demonstration of low-orbit actions for the Space Command. The start-up will produce two satellites: the first (SPLINTER) will feature high maneuvering capability and a set of subsystems for autonomous approach and action. The second (LISA1) will be a “spotter”, with enhanced observation capabilities for space surveillance from orbit.
For this project, U-Space is working in synergy with the European group MBDA (15,000 employees), owned by Airbus (37.5%), BAE Systems (37.5%) and Leonardo (25%), which is providing its expertise in military effects and engagements for satellite protection.