EnduroSat raises $10 million Series A for Space IoT

EnduroSat, a satellite data services company, has raised $10 million in a Series A funding round led by the investment firm CEECAT Capital, which focuses on high growth markets in Central and Eastern Europe.

Existing investors, for example, the German Seed fund Freigeist Capital, also joined the round.

EnduroSat is headquartered in Luxembourg but has its main R&D operations in Bulgaria. Its stated aim is to “transform the complex satellite industry into a streamlined data service, enabling instant access and transactions with space data on the cloud from hundreds of sensors in orbit”.

The company says the new investment will enable it to scale its operations to address a wider satellite market, including constellation as a service. It has offices located in Luxembourg, Berlin, Toulouse, Naples and Delaware, employing 130 people.

It recently opened a new Space Center in Sofia with 3,200m2 of office space and 700m2 of labs for Space testing, assembly and qualification.

“I am truly excited to welcome the CEECAT Capital team onboard. They have demonstrated a true work ethic, understanding, and enthusiasm for what we are trying to build and an amazing experience to help us get to the next level,” said Raycho Raychev, Endurosat founder and CEO (pictured).

“Working together, we will continue to pursue our vision – Space can be universally accessible. Scaling has never been easy and having the right partners marks the biggest difference. I cannot wait to see the next steps of our development.”

Last month saw the launch of its “GroundBreaker” satellite for use by Sateliot, which is building a LEO constellation based on the standard 5G protocol, allowing commercial Nb-IoT devices to roam between mobile networks and Sateliot’s satellite constellation.

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