Estonian space start-up Spaceit, which offers an end-to-end infrastructure for satellite operations and space cybersecurity solutions, has secured €1 million in pre-seed funding to expand their activities. The round was led by Icebreaker.vc from Finland and included UG Investments from Estonia.
Spaceit has developed a cloud-based mission control platform with pre-integrated access to a worldwide network of ground stations and provides satellite operations simulators to strengthen the rapidly growing space sector against cyberattacks.
As for the business’ expansion, the space industry has shown a fast increase in recent years, with an all time high 1,300 satellites launched already in 2021 (as a comparison, in 2020 the total of launches was about 1,100). The operation of any satellite requires secure communication with terrestrial operators, with reliable software as a precondition. Many existing solutions are costly or not scalable. They often do not offer extensive radio communications, do not support satellite constellations, or show deficits in cyber security – Spaceit is aiming to remedy this situation.
“Our goal is to reduce satellite missions budgets over 80% by offering mission control as-a-service, combined with wide and secure communication with satellites. We are delighted to have the new investors with a good know-how on space, technology and infrastructure onboard who will support us developing our solution further,” said Silver Lodi, CEO of Spaceit.
Riku Seppälä, General Partner and Co-Founder of Icebreaker.vc, added, “The Spaceit team has a deep understanding of the requirements of modern space operations. They have developed a strong technology that provides an essential service at a fraction of the cost of alternatives as well as providing better radio coverage. We’re thrilled to be onboard to support the team in creating a winning software and space technology company.”
“Space technology is no longer a domain of superpowers, and Spaceit is a good example of how this rapidly developing field offers good opportunities for Estonian companies. With a clear focus and a dedicated team, Spaceit has great potential and UG Investments is happy to support the company’s product development,” said Valdur Laid, Management Board Member of UG Investments.
“The focus of the Estonian space policy is primarily on cyber security, AI and innovation. Spaceit is a vivid example of how an Estonian company can contribute to the development of the rapidly growing space sector in these focus areas,” said Paul Liias, Head of the Space Division of the Ministry of Economic Affairs and Communications of Estonia.
Spaceit was founded in 2015 by Silver Lodi, Lauri Kimmel and Mihkel Jalakas, all long time friends since high school. Lodi’s experience includes corporate banking and sales. Kimmel was a team member of the ESTCube-1, the first Estonian satellite that was launched in 2013. He and Jalakas have been engaged in software development since the early 2000s. Spaceit is an alumnus of ESA Business Incubation Centre in Estonia and Starburst Accelerator. Icebreaker.vc is an early-stage VC focused on idea and pre-seed stage teams in Finland, Sweden and Estonia. Icebreaker invests €150-800K in teams with deep domain expertise and ambition to build globally competitive tech companies. UG Investments is a holding company that invests mainly into sustainable and export-oriented companies in the energy, industrial, infrastructure and utility sectors.
On the Spaceit team photo (from the left): Lauri Kimmel, Silver Lodi, Mihkel Jalakas, Ivalo Pajumets https://drive.google.com/file/d/1ZQnoT9tlf3tZSCdRmj3ly_1WEhBx8LCr/view?usp=sharing,
photo by Kalle Veesaar (kalleveesaar.com)
