In an exciting leap for the space technology sector, Italian startup SPiN (Space Product and Innovation) has successfully secured a whopping €1.6 million in seed funding. This injection of capital, led by the aerospace-focused Italian Technology Transfer Hub Galaxia and supported by CDP Venture Capital, along with Obloo Ventures, Scientifica Venture Capital, and Innova Venture, is set to thrust SPiN’s innovative space manufacturing solutions to new heights.
Nestled in the picturesque town of Frascati, Italy, SPiN is making waves in the aerospace industry with its cutting-edge technology. The company’s flagship product, the Multipurpose Adapter Generic Interface Adapter (MA61C), is a game-changer. It transforms traditional satellites into modular systems, making space technology more accessible and affordable.
SPiN’s vision is simple yet ambitious: to democratize access to space. Their approach of modularity-as-a-service is revolutionizing the industry, slashing design costs by 50%, production expenses by 30%, and reducing integration time by a whole year. This breakthrough empowers satellite manufacturers to channel their resources into pioneering new ventures, both in the short and long term.
Ran Qedar, the dynamic CEO of SPiN, passionately notes, “Space exploration has long been hampered by inefficient designs and lengthy processes. Our technology enables satellite manufacturers to focus their resources where it matters most, paving the way for efficient and innovative space exploration.”
To date, SPiN has raised a total of €1.74 million, including an earlier €140 thousand from angel investments and accelerator programs. Galaxia’s leadership in the recent seed round, joined by other venture capitals, signifies a strong belief in SPiN’s potential to reshape the aerospace industry.
Claudia Pingue of CDP Venture Capital’s Tech Transfer Fund expressed her excitement about supporting SPiN, aligning with their mission to foster groundbreaking aerospace technologies and nurture new business ventures.
Riccardo D’Alessandri of Scientifica Venture Capital also shared his enthusiasm, stating, “SPiN’s multipurpose plug-and-play adapter is pivotal for the aerospace industry’s evolution. We see immense potential in their solution to redefine space mission modularity and efficiency, opening new avenues for space exploration and utilization.”
In line with the funding round, a Galaxia representative will join SPiN’s board, marking a strategic shift in the company’s trajectory. Additionally, SPiN is relocating its headquarters from Germany to Italy, a move that further solidifies its commitment to growing within the Italian aerospace ecosystem. The funds will be channeled into scaling the startup, enhancing research and development, expanding commercial opportunities, and further qualifying their hardware in operational environments.
The story of SPiN began in 2015, born out of a university project challenge faced by founders Ran and Saish during their time at TU Delft. Joined later by Giulia, the trio officially established SPiN in Germany. Since its inception, the company has notched up impressive milestones, including joining the European Space Agency Business Incubation Center (ESA BIC) and becoming part of the Techstars portfolio. Their innovative adapter has garnered accolades across various competitions, underlining SPiN’s potential in transforming the space manufacturing landscape.
As SPiN gears up to use this funding to push the boundaries of space manufacturing, the global aerospace community watches with anticipation. Their journey symbolizes a new era in space exploration, where innovative, modular, and cost-effective solutions are not just a dream but a rapidly approaching reality.
