The round was led by the French Ministry of Armed Forces’ Definvest, which is fund managed by Bpifrance, and Expansion VC. Other investors included Primo Capital, through its investment fund Primo Space, Karot Capital, ARIS, and Vertech Finance.
The Toulouse-based company’s declared ambition is to become Europe’s leading smallsat constellation manufacturer. It aims to be producing one satellite per week by 2027. And this will be via its 850m² “U-Zine” cleanroom facility.
Constellation market
“U-Space’s position within the value chain, combined with its technological expertise, gives it highly promising commercial potential,” said Ilaria Cavalleri, Investment Principal, Primo Space Fund.
“We are confident that the company has all the assets needed to establish itself as Europe’s leading manufacturer in the small satellite constellation market.”
The founder of 
Expansion VC, Charles Beigbeder (pictured), added:
“Since inception, the founding team at U-Space has successfully reached critical milestones transforming a project into a fully-fledged industrial enterprise. With several satellites launched, including the first European space-based SSA satellite, U-Space has already demonstrated a strong space heritage and the high reliability of its in-orbit systems. We’re deeply convinced the combination of industrial expertise, and their business vision promise a bright future to U-Space.”
U-Space
Dating from 2018, U-Space designs, assembles, and operates modular smallsats. Its initial funding round, in 2022, was for €7 million.
The company has three satellites in orbit, and says ten more are to be in production over the next year. Clients include the United Arab Emirates’ National Space Science and Technology Center (NSSTC).
U-Space says it aims for a serial production approach inspired by best practices of the automotive industry. This will, it says, align its production rate with the competitiveness and volume requirements of the small satellite constellation.
Image: Expansion-VC
See also: EnduroSat raises $104 million for satellite production boost
