Infinite Orbits has raised €12M to expedite the development of Endurance, set to be Europe's first life extension satellite, with its inaugural mission planned for 2026.
The funds will be used to further develop Infinite Orbits’ core RendezVous and Proximity Operations technology (RPO) and to perform in-lab and in-space validation before 1st launch.
With Strong partners, Infinite Orbits launched its first satellite and technology aboard SpaceX's Falcon Heavy launcher, currently operating at peak performance.
May 13th, 2024 - Toulouse, France, The French based New Space In-Orbit Services company, Infinite Orbits, concluded its first fundraising round thereby establishing its international position as a major player in the In-Orbit Services sector: a €12M round led by Newfund Capital along with the EIC Fund, IRDI Capital Investissement and Space Founders France (a CNES’s venture arm). The closing of this round demonstrates confidence in Infinite Orbits’ vision and marks an important confirmation of the Company’s roadmap.
The main objective of this fundraising is enabling Infinite Orbits to accelerate the development of its main project “Endurance”, a Life Extension satellite for space assets. Endurance will empower satellite operators to optimize their fleet management strategies while increasing their return on investment through adding years to the life of their satellites. Endurance is planned to demonstrate the first European Life Extension mission in 2026.
Infinite Orbits’ Endurance will be operated by Infinite Orbit’s RPO technology (Rendezvous and Proximity Operations), an autonomous vision based navigation technology that allows assets in space to approach and dock to one another. RPO technology will pave the way towards a sustainable utilization of space resources, allowing for a durable space environment. The technology is designed to be replicated for advanced in-orbit services, including close inspection, refuelling, in-space manufacturing and many more applications yet to materialize following the spectacular growth of satellites launched in recent years.
The verification and validation roadmap of Infinite Orbits’ technology started in 2019 with key technology partnerships including ESA & CNES and with funding from the European Innovation Council (EIC), Bpifrance, La Region Occitanie and the DREETS, Bpifrance, La Region Occitanie. This roadmap has led to the launch of Infinite Orbits’ Orbit Guard™#1 to GEO orbit on May 1st 2023, carrying the first version of Infinite Orbits technology.
"Last year, we already achieved a major step: we are the first startup in the world to have a commercial nanosatellite in geostationary orbit, we formed a key alliance with satellite operator Intelsat to develop services for its fleet. With four major clients, including Azercosmos, Intelsat, CNES and Hispasat, the Company has closed its second year of revenues and is on a strong growth path to cross the €60M figure in 2027" explains Adel Haddoud, CEO of Infinite Orbits. “And as a commercially driven company, the next logical step for us is to offer all GEO operators new reliable and competitive services such as Life Extension.”
“We are thrilled to partner with a company like Infinite Orbits, perfectly embodying our commitment to backing deeptech ventures with the potential to lead globally," said Salim Hassad, Investment Director at Newfund. "Infinite Orbits stands out with its exceptional founding team, robust technological foundation, and promising commercial trajectory. We are confident that Infinite Orbits will not only excel in the in-orbit servicing sector but also emerge as a future international champion."
Watch Endurance video here :
About Infinite Orbits :
Headquartered in Toulouse (France), Infinite Orbits specializes in developing and operating GEO In-Orbit servicers catered to satellite operators globally. The company has demonstrated unique capabilities in designing and developing small GEO satellites tailored for in-orbit services, through its advanced patented Autonomous Navigation solution Vision Based for services relying on rendezvous capability. For more information, please visit www.infiniteorbits.io
About Newfund Capital :
Newfund Capital is the only 100% early-stage VC with a dual presence in France and the US. Since its launch in 2008, Newfund has built a community of 150+ startups bringing disruptive innovation. Newfund invests seed capital to initiate international development and supports entrepreneurs in the long run through follow-on investments. On the LP side, Newfund Capital has the largest base of entrepreneurs and family offices in France for an innovation fund. For more information: https://www.newfundcap.com/
About EIC Fund :
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance. The European Investment Bank acts as investment adviser to the EIC Fund.
The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.
The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
About IRDI :
IRDI Capital Investissement (ICI) is a dynamic and committed player in Regional Private Equity with 40 years of experience in deep tech and industrial startups. Our Venture Capital arm backs ambitious founders across all sectors. We provide early-stage capital with a minimum check size of 150K€ and a maximum of 3M€, mentorship, and an entrepreneur friendly environment. The firm has 550M Euros under management and recently raised 85M€ for the first closing of its latest innovation funds. Remarkable investments in tech companies include MedTech, Exotrail, FineHeart, and TreeFrog. More at www.irdi.fr
About Space Founders :
SpaceFounders is a European SpaceTech accelerator, whose aim is to identify and support future space champions, to help them become industrial leaders and amplify their impact on structuring the space industry.
Launched in 2021, it is operated by the French Space Agency (CNES), the University of Bundeswehr (Munich, Germany) and the Italian Space Agency (ASI).
SpaceFounders France, a subsidiary of CNES Participations, also operates equity investments in startups that have proven their best throughout the acceleration program. www.spacefounders.eu