Space Product and Innovation (SPiN), a leading provider of innovative modular space manufacturing solutions, announced the successful completion of a €1.63 million seed funding round led by Italian aerospace technology transfer hub Galaxia, managed by CDP Venture Capital, in collaboration with Oblo Ventures, with participation from Scientifica Venture Capital and Innova Venture. This significant investment will advance SPiN’s mission to revolutionize space manufacturing and democratize access to space.
SPiN, based in Frascati, Italy, is at the forefront of transforming the aerospace industry with its groundbreaking approach. SPiN is addressing these challenges by transforming satellites into modular systems with its groundbreaking multi-purpose adaptor, the Generic Interface Adapter MA61C, providing an affordable, innovative and cutting-edge space manufacturing solution.
SPiN’s mission is to democratize access to space by providing high-quality, innovative, and affordable space manufacturing solutions. SPiN’s modularized-as-a-service approach reduces spacecraft manufacturers’ design costs by 50%, manufacturing costs by 30%, and integration time by one year. The company helps satellite manufacturers allocate resources where they matter most to accelerate the pursuit of new business in the near and long term.
“Space exploration is limited by inefficient designs and lengthy processes. SPiN enables satellite manufacturers to focus their resources where it matters, allowing them to efficiently pursue new business,” said Ran Kedar, CEO of SPiN.
SPiN has raised a total of €1.74 million to date, including a previous investment of €140,000 from business angel investments and accelerator programs. The most recent seed round was led by Galaxia, with participation from Scientifica Venture Capital and Innova Venture.
Claudia Pingu, Manager of the Technology Transfer Fund at CDP Venture Capital, commented: “We are pleased to support SPiN in their mission to revolutionize space manufacturing. Their innovative approach aligns with our vision to accelerate and advance breakthrough technologies and start-ups in aerospace.”
“Our decision to invest in SPiN is based on our firm belief that advanced technologies such as the company’s multipurpose plug-and-play adapters will play a key role in the development of the aerospace industry,” said Riccardo D’Alessandri, Managing Partner at Scientifica Venture Capital. “We are convinced that this innovative solution has the potential to revolutionize the modularity and efficiency of space missions, opening up new possibilities for space exploration and utilization,” he added.
As part of the funding round, representatives from Galaxia will join SPiN’s board of directors and the startup’s headquarters will relocate from Germany to Italy. The funds will be used to scale up the startup, strengthen R&D, explore commercial opportunities and further qualify its hardware in a production environment.
SPiN was founded in 2015 by Ran and Saish while they were students at Delft University of Technology. It was born out of the complex satellite integration challenges they faced in their university projects. Giulia joined the team and SPiN was officially founded in Germany in September 2015.
Since then, the company has achieved important milestones, such as joining the European Space Agency Business Incubation Center (ESA BIC) and becoming a Techstars portfolio company. It has also received recognition, such as being named one of the Top 70 Innovative Companies for Pioneers in 2016 and Hello Tomorrow’s Top 500 in 2019. The company’s adopters have been highly recognized in various competitions, including Startup Weekend Space in 2015, INNOSpace Masters in 2016, and Space2Connect in 2023.