E-Space takes off with $50M in seed financing

E-Space has raised $50 million in a seed round led by Prime Movers Lab.

The sustainability-focused startup is developing a mesh satellite network that can carry secure communication nodes for use by businesses and governments. The company is also designing satellites that will capture and de-orbit small space debris and combat climate change by providing real-time information on sensors and devices that can be used to upgrade electric grids.

Founded by industry veteran Greg Wyler, the creator of satellite companies O3b Networks and OneWeb, E-Space plans to launch 100,000 satellites into orbit this decade. The company, which consists of two independent entities based in France and the US, plans to use the capital for the “Beta 1” launch of its first test satellites in March, with a second launch scheduled for later this year.

E-Space’s new round comes amid a rise in funding for VC-backed space-tech companies that’s been building since the middle of the last decade.

 

The funding marks the largest seed deal in space tech to date, according to PitchBook data. Another VC-backed company with a notable seed financing is satellite imaging provider PredaSAR. In 2020, the company raised a $25 million seed led by Miami-based VC firm Rokk3r Fuel.

Firefly Aerospace, a developer of launch vehicles and services designed to provide convenient access to space, secured a $20 million seed round in 2020, according to a PitchBook estimate. In May, the company went on to raise a $75 million Series A at a more than $1 billion valuation.
 

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