Portuguese start-ups who went through the incubation programme within ESA BIC Portugal closed more than € 25 mln in 2022.
A new era for the space industry is beginning to unfold, and opportunities abound for everyone to participate in the global space economy. The space sector has grown due to new investments and interest in space technologies. One of the key drivers of this growth is the increasing demand for satellite-based services, such as telecommunications, navigation, and Earth Observation. Since 2015 the space sector has experienced a steady growth in investments.
In 2022, ESA BIC Portugal start-ups Delox, Fibersail, Neuraspace, Spotlite and Stratio announced having received a total of € 25 million investments from venture capital funds. In the same year, ESA BIC Portugal signed a co-financing protocol for start-ups that apply to its programme and opt for an extended loans model with Portugal Ventures, a venture capital firm that is part of the Portuguese promotional bank Banco Português de Fomento Group and which currently manages 272.3 million euros with 153 portfolio companies.
Delox
The investment in Delox, on the order of € 450,000, was led by Bionova Capital. Delox’s mission consists in exploring innovation in the bio-decontamination field to eliminate microorganisms. Delox needed a bridge round and the investment allowed them to finish the development and get closer to the market. They plan to enter the North American market this year, which would have been impossible without this funding. They have evolved a lot at ESA BIC, but for now, the space sector is on standby. According to Fadhil Musa, CEO of Delox, “The investment is crucial for us to focus on what is important for all stakeholders, which is getting to market and starting sales as soon as possible.”
Figure 1: Delox’s product
Fibersail
Fibersail received an investment of € 5 mln equity and € 1.8 mln in a seed round led by InnoEnergy, Rockstart, ForwardOne, InnovationQuarter, Caixa Capital, BGI, and other private investors. Fibersail enables turbines to operate with maximum power and lifetime. Its technology makes it possible to control the behaviour of wind turbine blades, making it more climate-neutral and energy-independent. Fibersail intends to leverage the new investment to increase its team and client pipeline. Thanks to the investment, Fibersail was able to accelerate the development of its unique shape-sensing technology, acquiring specific means, and hiring highly qualified human resources, with demonstrated experience in the various aspects of the market, technology, and leadership for development.
Fibersail has developed its ability to mature and validate technologies and products methodically and systematically, developing its critical mass and organising the work for the quality of the result and the effectiveness and efficiency of the implementation. They have improved in their various dimensions, namely in their ability to define, develop, make, and test technology and product that responds to the needs of the market and in attracting new customers and contracts.
Figure 2: Wind turbines – Fibersail
Neuraspace
Neuraspace’s mission is to create the best platform to prevent satellite and space debris collisions. The company will achieve this using an Artificial Intelligence (AI) platform for satellite collision avoidance. Their AI-powered service enables safe space operations, better precision in manoeuvres, and savings in terms of fuel and time. With the new € 25 mln investment, Neuraspace will improve its Space Traffic Management solution, acquiring a radar infrastructure and improving its performance.
According to Carlos Cerqueira, the Head of Business Development of Neuraspace, “Artificial Intelligence is becoming indispensable in Space Traffic Management. I believe 2023 will be AI for Space’s year with product market fit and solid business cases powered by companies like Neuraspace.” He also added: “Our unique AI capabilities place Neuraspace as one of the leaders in the STM market.”
Figure 3: AI Fights Space Debris – Neuraspace
Spotlite
Spotlite closed in 2022 a seed investment round of € 1.5 mln. Spotlite service consists of satellite imagery capable of monitoring and analying infrastructures from space. They develop risk monitoring solutions for infrastructures, namely for floods, ground subsidence, and overgrowth. The € 200,000 pre-seed round closed in 2021 had the participation of Indico Capital Partners and Portugal Ventures. In 2022, Indico Capital Partners and Portugal Ventures increased their participation, with EDP Ventures and Shilling joining. A direct consequence of this round was a very accelerated growth of the team and the start-up. The investment allowed them also to start closing the first contracts, and to move forward with some pilot applications with very important customers in this sector, both nationally and internationally. Now they aim to continue to grow and to place the final product on the market as quickly as possible. They already have some modules, but they want to make the solution fully automated. Martino Correia, director of marketing and co-founder, said: “This has allowed us to truly begin to develop the vision we have for our product. It was an important piece that allowed us to get where we are today.”
Figure 4: Spotlite’s image
Stratio
Stratio raised a $ 12 mln series A investment at the end of 2021 led by Forestay Capital, with the participation of their seed round lead investor Crane Venture Partners. Stratio’s technology allows for predicting routes, preventing breakdowns, and eliminating forced stops. They offer an alternative to private vehicles by improving public transport. They mentioned that the investment allowed Stratio to accelerate its growth: “[…] we have expanded our sales and marketing efforts, but we are continuing to prioritise R&D. We strongly believe the quality of our product to be the key to our success, and we want it to stay that way.”
Figure 5: Stratio’s image