In January, Swiss space junk cleanup service ClearSpace brought home €26.7 million in a Series A funding round, last week Franco-German reusable space capsule maker The Exploration Company packed €40.5 million of new fuel into its rockets in a Series A round, and now, French developer of electric propulsion solutions for small satellites Exotrail has announced a $58 million Series B round.
AI might be the talk du jour, and there’s no denying that 2023 might very well be the year that Europe claims the quantum crown, but we’re only a month in, and it would appear that European spacetech is on a tear.
Now, about that old adage that it takes a village to raise a child? Well apparently, it takes most of France to get Exotrail into space.
Exotrail’s $58 million Series B round was led by existing, and omnipresent investor Bpifrance via F3A and Digital Venture funds, with SPI fund (Sociétés de Projets Industriels), the Innovation Defense Fund, Eurazeo, CELAD, 360Capital, Karista through the Paris Region Venture Fund, Irdi Capital Investissement, Innovacom, iXO Private Equity, NCI-Waterstart, BNP Paribas and Banque Populaire Val de France from BPCE Group, all participating.
According to the company, the funds will be used to further develop its range of products all aimed at enhancing satellite mobility, deployment, performance, and ultimately, the reduction of space pollution.
“We are now ready to accelerate our efforts in positioning our mobility hub as the world reference for effectively moving assets in space,” said Exotrail CEO and co-founder Jean-Luc Maria. “The message we are sending to all space companies wherever they are on Earth is clear; space logistics is coming, and Exotrail will be your preferred partner.”