We are pleased to announce that we have raised 3.5M€ of investment to develop our proprietary electric thruster technology for small satellites as well as plug-in software for the operation of satellites equipped with propulsion.
360 Capital Partners, through its Fonds Robolution, led a 2.5M€ financing round accompanied by Irdi Soridec Gestion via the IRIDnov 2 Fund, Bpifrance via Amorçage Ambition Angel (F3A) Fund and various business angels. SATT Paris-Saclay also participated by the addition of capital through an authorized conversion of claims process. The Fundraising operation was completed through a public financing offer that brought the total investment for this round to 3.5M€.
This specific equity investment subscription is the highest ever achieved by an electric space propulsion start-up in Europe and, to date, makes Exotrail the highest New Space fundraising operation in France.
The aims of this further capital raising operation are manifold. Firstly, to demonstrate our prototype thruster in space at the end of 2019 and secondly, to finalise our product & service offerings. The extra capital raised will also enable Exotrail to deliver the first functional propulsion systems to the founding clients (integrators and operators of constellations of small satellites) who have already committed their interest for our products. First deliveries are expected end of 2019 / beginning of 2020.
In addition, the design of software tools to operate and optimise space missions, currently under development, will be accelerated. A new branch of activity has been opened in Toulouse for these developments. The financing will also enable the team to expand from six people in June 2018 to more than 16 at the end of the calendar year. Most of these new appointments have already be finalized and the company is continuing to recruit.
Exotrail founders team (from l. to r., Nicolas Heitz, David Henri, Paul Lascombes and Jean-Luc Maria) ©Jérémy Barande
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