This is a record in Finland for a space startup, showing that the fever in this field is gradually heating up in Europe in the context of countries worrying about depending on foreign technology for critical infrastructure.
Established in 2019, ReOrbit provides hardware and software to help countries independently control satellite systems. According to CEO Sethu Saveda Suvanam, the company is looking to replace Elon Musk's Starlink solution, focusing on national satellite sovereignty rather than serving the masses of individuals and businesses. ReOrbit provides an iOS-like software platform for satellites, which can operate both the SiltaSat ground satellite and the UkkoSat low-orbit satellite.
This strategy has helped ReOrbit sign hundreds of millions of USD contracts, along with many other memorandums of understanding. Although it does not need additional outside capital, this startup is still mobilizing to accelerate development, aiming to become a "setter of sales" with revenue of 1 billion euros in the following capital raises.
Springvest's Series A round, of which 8 million euros from public equity issuance, was completed in just 4.5 hours - the fastest rate in the company's history. The remaining 37 million euros comes from major Nordic funds such as Varma, Elo, Icebreaker.vc, Expansion VC, 10x Founders and Inventure.
ReOrbit's next step will be a demonstration satellite, in cooperation with the European Space Agency (ESA), expected to launch in the second quarter of next year.
