The satellite manufacturer startup raises 7 million euros

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The program – together with Mynaric, Isar Aerospace and SES – is part of a joint venture that aims to create a European group of satellites for broadband Internet access.

This was actually the first of two rounds of funding as part of the seeding process financing consisting of two parts. The second phase is expected to increase the investment to 12 million euros, according to Reflex, by the end of the first quarter of 2023.

"With the newly raised capital, we will establish our first production facility in Munich and almost double our workforce next year to more than 50 employees across all sites," said Reflex Aerospace CEO Walter Ballheimer (pictured left with Alexander Hansel, co-founder and chief operating officer).

“With this, we are well on our way to launching our demonstrator. into space by 2024. Thanks to a successful round of financing, we put an exclamation point on this goal: the commitment of such high-class investors shows their confidence in our capabilities. This gives us the impetus to continue our growth path, despite the challenging global market environment.” specialist investment fund Alpine Space Ventures from Munich, VC High-Tech Gründerfonds (HTGF), a public-private partnership based in Bonn and Berlin, and an unnamed investor based in Bavaria.

&# 8220;The number of satellites in space will increase dramatically from 5,500 to 100,000 by 2030: this is the demand environment for Reflex Aerospace," said Bulent Altan, investment partner of Alpine Space Ventures.

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Source: electronicsweekly.com

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