By Akash Sriram
(Reuters) – Italian space logistics startup D-Orbit said it has raised more than 100 million euros ($109.37 million) in a funding round led by Japan’s Marubeni, as it aims to deploy more satellites and bolster services such as space debris clean-up.
D-Orbit is looking to stand out in the fast-growing space sector by providing technology that helps deliver satellites to their planned orbits after companies such as Elon Musk’s SpaceX complete the rocket launches.
The startup did not disclose its valuation after the fundraise, but it was valued at more than $1.28 billion in January 2022 in a blank-check merger that was later scrapped.
Existing investors such as Seraphim Space Investment Trust, United Ventures, Indaco Venture Partners and Primo Ventures participated in the round. D-Orbit expects backing from additional investors in the first half of this year.
The funding follows triple-digit yearly revenue growth since 2021, with more than 60 million euros in government and space agency contracts.
D-Orbit, which has clients including the European Space Agency, Planet Labs and the University of Southern California, flies its ION satellite carrier around different orbits to deliver customer satellites to their precise destinations.
It also offers a host of other services including space debris disposal, satellite refueling and space-based cloud computing.
The space industry has garnered strong interest in recent years from investors who are looking for the next SpaceX and Jeff Bezos-owned Blue Origin.
After a steep slump in the past two years, investment momentum in space startups has picked up with strong government spending. Investors expect more acquisitions and companies to go public this year.
($1 = 0.9143 euros)
(Reporting by Akash Sriram in Bengaluru; Editing by Shilpi Majumdar)
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