Saturday, February 24, 2024
HomeFunding Italian spacetech Startup SPiN Secures €1.6 Million in Seed Funding

[Funding alert] Italian spacetech Startup SPiN Secures €1.6 Million in Seed Funding

Italian spacetech startup SPiN secures €1.6 million in seed funding. The funding was provided by Obloo Ventures, Scientifica Venture Capital, Innova Venture, and Galaxia, the Italian Technology Transfer Hub on Aerospace driven by CDP Venture Capital.

Italian spacetech startup SPiN secures €1.6 million in seed funding. The funding was provided by Obloo Ventures, Scientifica Venture Capital, Innova Venture, and Galaxia, the Italian Technology Transfer Hub on Aerospace driven by CDP Venture Capital.

This sizeable contribution will further SPiN’s goal of democratising space access and revolutionising space manufacturing. With its innovative approach, SPiN, based in Frascati, Italy, is leading the way in changing the aerospace sector.

Read also – Slovakia-based Internet Safety Startup Elv.ai Secures €500,000 Funding

By providing cutting-edge, inventive, and reasonably priced space manufacturing solutions, SPiN tackles these issues. Their ground-breaking Multipurpose Adapter Generic Interface Adapter, MA61C, turns satellites into modular systems.

Ran Qedar, SPiN’s Chief Executive Officer: “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.”

Claudia Pingue, the manager of CDP Venture Capital’s Tech Transfer Fund, commented: “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.”

Riccardo D’Alessandri, Managing Partner of Scientifica Venture Capital said, “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, 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,”.

The startup’s headquarters will relocate from Germany to Italy as part of the fundraising round, and a representative from Galaxia will join SPiN’s board of directors. The money will be used to grow the business, step up R&D, look into potential business ventures, and validate the hardware in a real-world setting.

Read also – Oslo-based proptech Startup Plaace Raises €885k in Funding

About SPiN

With their universal adapter, MA61C, SPiN provides modularity as a service, decreasing design costs by 50%, production costs by 30%, and integration time by a year. It does this by offering expertise in hardware integration, software integration, and design.

Read also – London-based Thema Raises €5.8 Million in Funding

TU Delft students Ran and Saish founded SPiN in 2015 as a response to the difficulties they encountered integrating a complex satellite system for a class assignment. In September 2015, SPiN was formally established in Germany with the addition of Giulia to the team.

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular