QuadSAT secures €9 million funding to scale Up operations and expand product range
QuadSAT ApS has secured €9 million in funding. The funding round was led by IQ capital and supported by current investors, including the world's leading space tech fund, Seraphim Space, Danish state Vækstfonden, and angel investors Torben Frigaard Rasmussen and Helge Munk. The funding round is the result of a significant uptick in commercial demand from major satellite operators, antenna manufacturers, and service companies in the satellite industry. With the new funding, QuadSAT aims to scale up its operations, expand its product range and bring its technology to more customers in the market. Joakim Espeland, CEO of QuadSAT, said: "This is a significant milestone for our company, and we are excited to be able to expand our global reach. With this funding, we will be able to optimise the use of global radio spectrum by providing our customers unparalleled testing capabilities, ultimately ensuring better performance of satellite networks." Daniel Carew, Investment Principle from IQ Capital, commented: "The satcoms industry is growing at a fantastic rate. In the not too distant future, almost everything will be connected via satellite. With that growth will come an urgent need to ensure efficient RF connectivity and spectrum utilisation. QuadSAT’s technology is already making an impact with a number of leading players. This company has massive potential for the future, and we are excited to be a part of the next stage of growth." QuadSAT's unique testing solution provides a cost-effective, scalable and precise way to test antennas and satellite systems in operation, and anywhere in the world. This approach to testing has already attracted the attention of the satellite industry, helping QuadSAT to cement its position as a major player in the market. With the new funding, QuadSAT will be looking to recruit top talent, to expand its operations, and bring its technology to a wider customer base. Torben Frigaard Rasmussen, Chairman of the Board, QuadSAT: “Having worked with QuadSAT for the past few years, it is apparent that the technology has real potential, which this latest round will help the company fulfill. At the same time, the team behind QuadSAT is extremely passionate and driven, which has been instrumental in getting the solution in front of leading industry players. I look forward to continuing to be a part of QuadSAT’s success.