Skip to content

The Exploration Company Raises €150M To Get Europe Back In The Space Race

"We believe that Europe is very well positioned to play a more collaborative role in space."

The Exploration Company (TEC) has secured €150 million ($160 million) in Series B funding to develop the continent's first reusable space capsule, a significant step for Europe's private space industry that has been lagging behind global rivals.

The funding round, co-led by Balderton Capital and Plural, marks the largest Series B ever raised by a European "New Space" company and brings TEC's total funding to €216 million ($230 million).

Founded in 2021 by Hélène Huby, former vice president of Orion-ESM at Airbus, TEC aims to revolutionize space logistics with its reusable and refuelable spacecraft, Nyx. The company's progress is crucial as Europe hopes to maintain independence in space transportation, a sector currently dominated by American and Asian players.

The company, which operates across Germany, France, and Italy, envisions a more collaborative and accessible approach to space exploration.

The funding round notably includes participation from two European sovereign funds - French Tech Souveraineté and DeepTech & Climate Fonds (DTCF) - marking their first joint investment. Other participants include Bessemer Venture Partners, NGP Capital, and returning investors EQT Ventures, Red River West, Cherry Ventures, Promus Ventures, and Omnes Real Tech Fund. Following this round, 98% of shareholders are European, the company disclosed.

Breaking New Ground in Space

TEC's flagship project, the Nyx spacecraft, is designed to transport up to 3,000 kg of cargo to and from space stations - the largest return capacity currently available worldwide.

Sign in for free to read the full article

This post is for paying subscribers only

Subscribe

Already have an account? Sign In

Latest

Clément Jeanjean (left), Senior Director at SandboxAQ, and Duncan Jones, Head of Cybersecurity at Quantinuum.

Post-Quantum Cybersecurity: Are We Too Early or Too Late?

As quantum computers accelerate toward breaking current encryption, experts reveal most organizations are dangerously behind on preparation for a threat that could be harvesting encrypted data right now.

Members Public
Quandela clean room. Photo by Cyril Marcilhacy of Agence Oblique.

How Quandela Is Racing To Make Quantum Computing Practical

While quantum computing giants build massive and costly systems, Quandela Co-Founder and COO Valérian Giesz explains why the French startup's photonic approach is more efficient. Quandela has already sold quantum computers to European clients and is partnering with NVIDIA on AI integration.

Members Public