top of page
Kreios Space, the Very Low Earth Orbit satellite company, closes a Pre-Seed round of €2.3M
The funding will allow Kreios Space to advance the development and validation of its Air-Breathing Electric Propulsion thruster for satellites, key for revolutionising the space sector.
[July 24, 2024] Kreios Space, a pioneering company in electric propulsion technologies for satellites, announces the closure of its Pre-Seed funding round, reaching a total of 2.3 million euros in private and public capital. The private investment includes contributions from Grow Venture Partners, XesGalicia, and SpaceQuest Ventures, the family office Tasivia Global, and a successful crowdfunding campaign through Startupxplore, which closed in record time just minutes after its launch. Kreios Space also received support from ENISA through a loan and from CDTI through the Neotec 2023 grant.
This significant capital injection allows Kreios Space to advance the development and validation of its innovative Air-Breathing Electric Propulsion (ABEP) engine, with the goal of being the first company to validate this technology in orbit. The funds will be primarily used for laboratory testing of the technology, construction of new facilities, and the expansion of their team, enabling the company to accelerate its mission to revolutionise the space sector.
Founded in 2021 by Adrián Senar, Jan Mataró, Francisco Boira, Adrià Barceló, Max Amer, and Francisco Bosch, six aerospace engineers who met at university, Kreios Space is dedicated to developing the ABEP thruster for satellites. This engine is fully electric and sustainable, as it only uses solar energy and atmospheric air as propellant. Its main advantage is that it is the only technology that allows satellites to orbit for long periods at Very Low Earth Orbits (VLEO - below 350 km altitude).
Orbiting at lower altitudes reduces mission costs by up to 50% and offers huge improvements in imaging for Earth observation and telecommunications provided by satellites. This has a direct impact on everyday applications such as natural disaster prevention, agricultural monitoring, maritime control, or 5G and 6G connectivity. Additionally, it reduces greenhouse gas emissions during launches, as the rocket does not need to ascend as high. Orbiting in VLEO also avoids space debris, as satellites decay and disintegrate naturally at the end of their life cycle, solving one of today's major space problems.
"This funding round marks an important milestone for Kreios Space. Having the support of the experienced funds that participated in this round fills us with pride, and it is also an indicator that we are on the right track," points out Adrián Senar, CEO of Kreios Space. "With this funding, we are one step closer to bringing our revolutionary propulsion technology to the market, contributing to a new era in the satellite industry, the Very Low Earth Orbit era."
With the capital raised in this funding round, Kreios Space is closer to being the first company in the world to enable Very Low Earth Orbits (VLEO), with all the strategic implications that entails.
About Grow Venture Partners
Grow Venture Partners is a Venture Capital fund specialising in technology transfer that invests in early-stage companies originating from universities and research centers, primarily in the Deep Tech, MedTech, and Sustainability sectors. The purpose of its diverse and committed team, which works with a service-oriented mindset, is to train better founders and, with them, create sustainable wealth and employment with a positive impact on the world.
About XesGalicia
XesGalicia is the private equity and venture capital arm of the Xunta de Galicia, an investor providing participatory loans and capital support to Galician companies. With nearly 300 million euros under management, it invests through four venture capital vehicles, two of which specialise in investing in startups and companies with a high scientific-technological component, from seed stage to Series A.
About SpaceQuest Ventures
Headquartered in Baar, Switzerland, SpaceQuest Ventures is an investment firm dedicated to space and deep-tech sectors. The firm focuses on supporting companies that are creating, building, and growing enterprises that have a significant impact on lives and industries.
About Tasivia Global
Tasivia Global is a family office committed to supporting high-growth potential engineering companies. Their focus is on strategic investments that foster innovation.
About Startupxplore
Startupxplore is a platform for investing in high-potential startups, offering entrepreneurs the seriousness and support of venture capital, with the agility and terms of a business angel, and providing investors with a well-balanced and diversified startup investment portfolio.
bottom of page