Italy-based leading provider of innovative modular space manufacturing solutions, SPiN closed seed funding EUR 1.63 million. The company announced the closure of the seed funding round on January 15, 2023. Galaxia, the Italian Technology Transfer Hub on Aerospace powered by CDP Venture Capital and Obloo Ventures led the financing for the company. Meanwhile, Scientifica Venture Capital and Innova Venture also joined in the seed funding.
Purpose of financing for SPiN
With the latest financing, SPiN seeks to further propel its mission to revolutionize space manufacturing. It also plans to democratize access to space.
So far, the total financing raised by SPiN amounts to EUR 1.74 million. It also includes a previous investment of EUR 140 thousand from Business Angel investment as well as accelerator programs.
As a part of the deal, a Galaxia representative will join SPiN’s board of directors. Meanwhile, the startup’s headquarters will move from Germany to Italy. The funds will further help the startup to scale its operations. It also looks forward to intensifying research and development efforts. In addition, the company seeks to explore commercial opportunities. Besides, SPiN aims to further qualify the hardware in an operational environment.
What the company’s official has to add
Ran Qedar, SPiN’s Chief Executive Officer, said, “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.”
What the investors have to comment
Claudia Pingue, the manager of CDP Venture Capital’s Tech Transfer Fund, further added, “We are excited to support SPiN in its mission to revolutionize space manufacturing. Their innovative approach aligns with our vision to promote and advance breakthrough technologies and new businesses in aerospace.”
He further continued, “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.”
About the company
Ran and Saish are the founders of the company launched in 2015. Since its inception, the company has joined the European Space Agency Business Incubation Center (ESA BIC). It also became a Techstars portfolio company. It received recognition, such as being selected for the Top 70 Innovative Companies for Pioneers in 2016 and the Top 500 Companies for Hello Tomorrow 2019.
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