Estonian space start-up Spaceit, which provides end-to-end infrastructure for satellite operations and space cybersecurity solutions, has secured € 1 million in pre-seed funding to expand its business. The tour was led by Icebreaker.vc from Finland and includes UG Investments from Estonia.
Spaceit has developed a cloud-based mission control platform with pre-integrated access to a global network of ground stations and provides satellite operations simulators to bolster the growing space industry against cyber attacks.
As for the company’s expansion, the space industry has grown rapidly in recent years, with an all-time high of 1,300 satellites launched already in 2021 (for comparison, in 2020 the total launches were d. ‘approximately 1,100). The operation of any satellite requires secure communication with ground operators, with reliable software as a prerequisite. Many existing solutions are expensive or not scalable. Often they don’t offer extensive radio communications, support satellite constellations, or have cybersecurity deficits – Spaceit aims to address this.
“Our goal is to reduce satellite mission budgets by more than 80% by offering mission control as a service, combined with wide and secure communication with satellites. We are delighted to have on board new investors with good know-how in space, technology and infrastructure that will support us in the development of our solution,” noted Silver Lodi, CEO of Spaceit.
Riku Seppälä, sponsor and co-founder of Icebreaker.vc, added: “The Spaceit team has a deep understanding of the requirements of modern space operations. They have developed powerful technology that provides essential service at a fraction of the cost of alternatives as well as better radio coverage. We are delighted to be on board to support the team in building a winning space software and technology company.. “
“Space technology is no longer a field 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,” noted Valdur Laid, member of the management board of UG Investments.
“Estonian space policy mainly focuses on cybersecurity, 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.,” noted 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 longtime friends since high school. Lodi’s experience includes business banking and sales. Kimmel was a team member for ESTCube-1, the first Estonian satellite launched in 2013. He and Jalakas have been engaged in software development since the early 2000s. Spaceit is an alumnus of the Incubation Center of ESA companies in Estonia and the Starburst accelerator. Icebreaker.vc is an early stage VC focused on idea and pre-seed teams in Finland, Sweden and Estonia. Icebreaker invests € 150,000 to € 800,000 in teams with in-depth domain expertise and the ambition to create globally competitive technology companies. UG Investments is a holding company that invests primarily in sustainable and export-oriented businesses in the energy, industrial, infrastructure and utilities sectors.
In the Spaceit team photo (left to right): 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)