Space Product and Innovation (SPiN), an Italian spacetech company, has secured €1.63 million in seed funding to revolutionize space manufacturing. The funding round was led by Galaxia, the Italian Technology Transfer Hub on Aerospace, together with Obloo Ventures, Scientifica Venture Capital, and Innova Venture. SPiN aims to democratize access to space by providing affordable and innovative space manufacturing solutions.
Based in Frascati, Italy, SPiN specializes in transforming the aerospace industry through its modular space manufacturing solutions. The company’s groundbreaking Multipurpose Adapter Generic Interface Adapter, known as MA61C, converts satellites into modular systems, reducing design costs by 50%, production costs by 30%, and integration time by a year for spacecraft manufacturers. By enabling satellite manufacturers to allocate resources more efficiently, SPiN encourages the pursuit of new ventures in both the short and long term.
Ran Qedar, SPiN’s CEO, highlighted the limitations of current space exploration caused by inefficient designs and lengthy processes. He explained that SPiN empowers satellite manufacturers to focus their resources on what matters most, facilitating more efficient operations and the pursuit of new ventures.
Including the recent seed funding, SPiN has raised a total of €1.74 million to date. Previously, the company received a €140 thousand investment from Business Angel investment and accelerator programs. Galaxia, alongside Scientifica Venture Capital and Innova Venture, played a key role in the recent seed round.
CDP Venture Capital’s Tech Transfer Fund manager, Claudia Pingue, expressed excitement in supporting SPiN’s mission to revolutionize space manufacturing. She highlighted the alignment of SPiN’s innovative approach with CDP Venture Capital’s vision to promote breakthrough technologies and new businesses in the aerospace sector.
Riccardo D’Alessandri, Managing Partner of Scientifica Venture Capital, emphasized their confidence in SPiN’s multipurpose plug-and-play adapter, highlighting its potential to revolutionize the modularity and efficiency of space missions. D’Alessandri believes SPiN’s technology will open up new possibilities for space exploration and utilization.
As part of the funding round, a representative from Galaxia will join SPiN’s board of directors. Additionally, the company will relocate its headquarters from Germany to Italy. The newly acquired funds will be used to scale the startup, intensify research and development efforts, explore commercial opportunities, and further qualify the hardware in an operational environment.
SPiN was founded in 2015 by Ran and Saish during their studies at TU Delft. The company originated from the challenges they faced with complicated satellite integration during a university project. Since its inception, SPiN has achieved significant milestones, including joining the European Space Agency Business Incubation Center and becoming a Techstars portfolio company. The company has received recognition for its innovative solutions and has garnered accolades from various competitions.
In summary, Italian spacetech company SPiN has raised €1.63 million in seed funding to drive its mission of revolutionizing space manufacturing and democratizing access to space. By offering affordable and modular space manufacturing solutions, SPiN aims to empower satellite manufacturers to focus their resources more efficiently, ultimately fostering the pursuit of new ventures in the space industry.
