The Exploration Company raises $160m Series B for space cargo
by Alun Williams · Electronics Weekly.comThe Exploration Company (TEC) has raised $160 million in a Series B funding round. The startup is developing Nyx, a reusable and in-orbit refillable spacecraft for transporting space cargo.
Designed to be launched from any heavy launcher in the world, the craft would fly to space stations.
Investors included Plural, Balderton Capital, NGP Capital and Bessemer. And TEC described the investment as the largest space Series B in Europe to date. It described the funding as an important step closer to its Nyx Earth launch and becoming a “European space leader”.
The company said that, over the past 12 months, it had hit major operational and financial milestones and signed significant service contracts. This is with with both space agencies and commercial clients.
“This significant raise is a reflection of not only the talent and commitment of the team at TEC but also that building global companies with European roots can only be done through fostering trust and cooperation between European countries,” said company CEO CEO, Helene Huby.
“98% of our shareholders are European, demonstrating that the continent can finance bold entrepreneurs. Space will play a critical role in shaping humanity’s future and I want to contribute to building a future which is peaceful and cooperative and our European DNA fits perfectly with this mission.
The Exploration Company is based in Planegg, Bavaria. It employs 200 people and estimates that the space transportation market will grow from $5 to $50 billion in the next 10 years.
Space cargo
A European competitor in this field could be ATMOS Space Cargo. This develops reusable and modular return space capsules designed for scientific payloads, experiments, and equipment,
Based in Rheinmünster, ATMOS Space Cargo last year announced a partnership with RFA (Rocket Factory Augsburg), the Bavarian rocket company, and Yuri, the Meckenbeuren-based developer of modular bioreactors and incubators. This was for the launch of ‘Eva’, an end-to-end service for microgravity life science research and product development.
Image: The Exploration Company