By Akash Sriram
(Reuters) -EnduroSat said on Thursday it has raised $104 million from investors, Google Ventures and the European Investment Council Fund, as the Bulgaria-based company scales up production of its small and midsized satellites.
Compact satellite makers such as EnduroSat are seeing a surge in demand as governments and companies seek secure communications and Earth observation networks without the cost and complexity of mega-constellations like SpaceX’s Starlink or Amazon’s Kuiper.
EnduroSat makes satellites like building blocks with simple, modular design, which the company says allows it to assemble and test them in hours instead of months, and at much lower costs than rivals.
The late-stage funding round, led by Riot Ventures, also saw participation from Shrug Capital and Lux Capital. The company did not disclose the valuation at which it raised funds.
The new funding coincides with the launch of a 188,340-square-foot Space Center in Bulgaria, which aims to build up to two satellites a day, each weighing 200 to 500 kilograms.
The new round is also the second for EnduroSat this year. In May, EnduroSat raised 43 million euros ($50.15 million) in a round led by Peter Thiel’s Founders Fund.
There has been a wave of investments in space ventures globally, as investors bet on satellite connectivity, launch services and in-orbit infrastructure to underpin next-generation communications and defense capabilities.
Founded more than a decade ago, EnduroSat has more than 3,000 modules in orbit and has 230 employees across six locations. It serves 350 customers globally, including 100 in the U.S., where it recently expanded.
($1 = 0.8575 euros)
(Reporting by Akash Sriram in Bengaluru; Editing by Leroy Leo and Alan Barona)
