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The company – along with Mynaric, Isar Aerospace and SES – is part of the joint venture UNIO, which aims to build a European satellite constellation for broadband internet access.
This was actually the first of two rounds of funding as part of a two-part seed financing process. The second stage is projected to increase investments to 12 million euros, says Reflex, by the end of the first quarter of 2023.
“With the newly raised capital, we will set-up our first production capacities in Munich and almost double our workforce in the coming year – to more than 50 employees across all sites,” said the CEO of Reflex Aerospace, Walter Ballheimer (pictured, on the right, with Alexander Genzel, co-founder and COO).
“With this, we are right on track to launch our demonstrator into space by 2024. With the successful financing round, we are putting an exclamation mark on this goal: The commitments of such high-class investors attest to their confidence in our capabilities. This gives us the tailwind to continue our growth path despite the strained global market environment.”
Reflex Aerospace is based in Germany, split between Berlin and Munich.
Investors included the space-specialist investment fund Alpine Space Ventures, from Munich, the VC High-Tech Gründerfonds (HTGF) a public-private partnership based in Bonn and Berlin, and a further unnamed investor which is based in Bavaria.
“The number of satellites in space will skyrocket from 5,500 to 100,000 by 2030: this is Reflex Aerospace’s demand environment,” said Bulent Altan, an Investment Partner at Alpine Space Ventures.
Image: Reflex Aerospace
See also: Isar Aerospace becomes “most well-funded space start-up” in EU
