U-Space closes a 24 million euros series A to expand into the global smallsat constellation market

After an initial €7 million funding round in 2022, the French small satellite manufacturer has announced a new €24 million Series A round led by Blast, the French Ministry of Armed Forces’ Definvest fund managed by Bpifrance, and Expansion, alongside Primo Capital through its investment fund Primo Space, Karot Capital, ARIS, and Vertech Finance.

Building on its early commercial successes and driven by the ambition to become Europe’s leading smallsat constellation manufacturer, U-Space, now expanding into global markets, has secured renewed confidence from its long-standing financial partners and earned the trust of new investors.

An attractive growth potential

With three satellites already in orbit, around ten more to be produced and delivered over the year ahead, and major contracts signed with leading players such as CNES and Safran, U-Space has made a name for itself in the small satellite manufacturing market. This proven reliability, and the strong potential it signals for future growth, has convinced U-Space’s long-standing fi nancial partners to once again back the French company:

“Through its excellence and the quality of its teams, U-Space actively contributes to the France’s sovereign ambitions in the space sector. With its initial successes paving the way for many more to come, it was only natural for Definvest to renew its support,” said François Charbonnier, Investment Director at Bpifrance.

Now a key player on the European stage, U-Space has also attracted the attention of other investors, including the Italian Primo Capital through its investment fund Primo Space, as well as Expansion.

“U-Space’s position within the value chain, combined with its technological expertise, gives it highly promising commercial potential. We are confident that the company has all the assets needed to establish itself as Europe’s leading manufacturer in the small satellite constellation market,” said Ilaria Cavalleri, Investment Principal, Primo Space Fund. According to Charles Beigbeder, founder of Expansion. “Since inception, the founding team at U-Space has successfully reached critical milestones transforming a project into a fully-fledged industrial enterprise. With several satellites launched, including the first European space-based SSA satellite, U-Space has already demonstrated a strong space heritage and the high reliability of its in-orbit systems. We're deeply convinced the combination of industrial expertise, and their business vision promise a bright future to U-Space.”

Industrial scale-up to meet market demand

Driven by the ambition to align its production rate with the competitiveness and volume requirements of the small satellite constellation market, U-Space has drawn inspiration from the best practices of the automotive industry to embrace a serial production approach. At the heart of its industrial strategy lies the “U-Zine”: an 850 m² cleanroom facility designed to ultimately reach a production rate of one satellite per day.

The software development enabled by the €24 million raised will significantly support this ramp-up, with the first milestone being one satellite produced per week by 2027.

“Over the past few years, U-Space has demonstrated its ability to build a strong team and implement robust industrial processes. This new phase marks a strategic turning point, with the scaling up of production and expansion into international markets. We are proud to support a team and a company that are turning their space vision into industrial reality,” said Alexis Bès de Berc, Investment Manager (VC) at Blast.