An Italian Spacetech Company Raises €1.6 Million in Capital
The successful completion of a €1.63 million seed funding round led by Galaxia, the Italian Technology Transfer Hub on Aerospace powered by CDP Venture Capital, along with Obloo Ventures and participation from Scientifica Venture Capital and Innova Venture, has been announced by Space Product and Innovation S.r.l. (SPiN), a leading supplier of cutting-edge modular space manufacturing solutions. This sizeable contribution will further SPiN’s goal of democratizing space access and revolutionizing space manufacturing.
The goal of Frascati, Italy-based SPiN, which was founded in 2015, is to democratize space access by offering superior, creative, and reasonably priced space manufacturing solutions. For spacecraft manufacturers, SPiN’s modularity-as-a-service strategy saves 50% on design expenses, 30% on production costs, and a year on integration time. The organization encourages the exploration of new endeavors in the short and long term by enabling satellite manufacturers to allocate resources where they matter most.
The CEO of SPiN, Ran Qedar, states that “long and drawn-out processes and inefficient designs limit space exploration.” By enabling producers of satellites to concentrate resources where they are most needed, SPiN allows them to effectively explore new projects. Redefining space manufacturing to make it more efficient and accessible is aim.
With the addition of a prior €140,000 investment via Business Angel investing and accelerator programs, SPiN has raised a total of €1.74 million to far. Innova Venture and Scientifica Venture Capital participated in the most recent seed round, which was led by Galaxia.
“SPiN’s innovative approach aligns with our vision to promote and advance breakthrough technologies and new businesses in aerospace,” said Claudia Pingue, manager of CDP Venture Capital’s Tech Transfer Fund.
“Our decision to invest in SPiN is based on the solid belief that advanced technologies, such as its multipurpose plug-and-play adapter, play a crucial role in the evolution of the aerospace industry,” stated Riccardo D’Alessandri, Managing Partner of Scientifica Venture Capital. “We are confident that this innovative solution has the potential to revolutionize the modularity and efficiency of space missions, opening up new possibilities for space exploration and utilization,” he added.