Heavy tracka Finnish startup focused on sovereign satellites, has raised its record 45 million euros (approximately $53 million) is a round of funding for a European space technology company. This is another sign that the new European space market is heating up, due to the geopolitical environment where interdependence has become a problem.
Founded in 2019 and headquartered in Helsinki, Reorbit aims to help countries control their satellites. According to its CEO Sethu Saveda Suvanam, it offers a solution for countries that can’t build their own satellites but want an affordable Starlink owned by Elon Musk.
Unlike Starlink, which also targets private users and businesses, Reorbit wants its customers to have full ownership and sovereignty over satellites and communications. This means purchasing hardware from trusted sources and using Reorbit’s software layer to control it.
Saveda Suvanam likens it to iOS, which can also drive Reorbit’s geostationary orbit satellite, silicon and its low-Earth orbit satellite, Ukkosat.
This flexibility is especially important for countries that see the accelerated space role of its defense, security and critical infrastructure.
Saveda Suvanam said this approach helped the company sign “all contracts worth hundreds of millions of dollars” with one country and sign “multi-moore” with others.
Saveda Suvanam insists that such contracts mean the startup doesn’t need external funds, but it all needs to accelerate growth anyway. He hopes Reorbit will become a sales unicorn in the next four years. “Our order book is 1 billion euros,” Saveda Suvanam said.
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Reorbit’s practical goal is to raise €50 million in its Series A, organized by SpringVest, a Finnish company that organizes private companies for crowdsourced public products for qualified investors. While the startup didn’t reach the entire overall, this round was the record size of Finland, which contributed to the round in multiple ways.
“The issuance of 8 million euros for public shares organized for private investors and home offices in Finland, opened on June 16, filling only 4.5 hours, faster than any stock problem arranged by Springvest,” wrote TechCrunch. This turned to about $9.4 million.
The remaining €37 million ($43.5 million) also has a strong Nordic flavor, from institutional investors, including previous supporters Varma, Elo, Icebreaker.vc, Expansion VC, 10x founder and Instruction.
With competitors Astranis There are others, heavy distance is shaped by the location they choose. Born in India, Saveda Suvanam spent 15 years in the Swedish space industry before deciding to move his newly formed company to Finland and move there with his wife, who is also Reorbit’s chief of staff, Mina Rajabi.
A key factor is Regulatory environment It turns out that this is for Finland Ice – is one of the most important space startups outside of SpaceX. But the geopolitics of the current tense also play a role. Cut into submarine cables in the Red Sea Serving other countries reminds the importance of satellite imaging.
“Finland is not a country that wants to be a superpower, which is very important because today, when we talk to the supreme authorities in these countries, many countries are stuck between China and the United States, and they always say, ‘We look at Europeans and Nordics very eagerly because this is when we want to find a neutral partner.’ That’s why it’s so exciting. [come from the Nordics] If you are in this space – no puns. ”
Reorbit’s next milestone will also come from Europe: It is for A track demonstration Saveda Suvanam said it is planned to be established in the second quarter of next year.
