ReOrbit, a Finnish startup focused on sovereign satellites, has raised a record €45 million (about US $53 million) Series A round of funding for a European space tech company. That’s another sign that European new space market is heating up, fueled by a geopolitical environment in which interdependence has become a concern.
Founded in 2019 and based in Helsinki, ReOrbit aims to help countries control their own satellites. According to its CEO, Sethu Saveda Suvanam, it offers a solution to nations that can’t build their own satellites but want an affordable alternative to Elon Musk-owned Starlink.
Unlike Starlink, which also targets private users and enterprises, ReOrbit wants its clients to have full ownership and sovereignty over their satellites and communications. This means sourcing hardware from trusted sources and controlling it with ReOrbit’s software layer.
This software core, which Saveda Suvanam likens to iOS, can equally drive ReOrbit’s geostationary orbit satellite, SiltaSat, and its low earth orbit satellite, UkkoSat.
Such flexibility is particularly critical for countries that see the accelerating role of space underpinning their defense, security, and critical infrastructure.
That approach has helped the company sign “a full contract worth some hundreds of millions” with one nation and “multiple MOUs” with others, Saveda Suvanam said.
Saveda Suvanam insists that such contracts mean the startup didn’t need external funding, but it took the round anyway to accelerate growth. He wants ReOrbit to become a sales unicorn in the next four years. “We are targeting €1 billion in order books,” Saveda Suvanam said.
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ReOrbit was actually aiming to raise €50 million in its Series A organized by Springvest, a Finnish firm that organizes crowdsourced public offerings to qualified investors for private companies. While the s …