Finland’s ReOrbit Raises €45M for Revolutionary Satellite Control Tech Amid Growing European Space Market
Finnish space technology startup ReOrbit has secured a record €45 million Series A funding round, marking a significant escalation in Europe’s burgeoning new space market. The investment surge is driven by growing concerns among nations over their reliance on foreign technology for critical infrastructure, particularly in the context of a geopolitical environment that is becoming increasingly volatile.
Established in 2019 and headquartered in Helsinki, ReOrbit offers hardware and software solutions tailored to independent satellite operations. As per its CEO, Sethu Saveda Suvanam, the company caters to nations lacking the capability to build their own satellites but seeking an affordable alternative to Elon Musk’s Starlink.
Unlike Starlink, which serves both private users and enterprises, ReOrbit emphasizes granting its clients full ownership and sovereignty over their satellites and communications. This is achieved by sourcing hardware from trustworthy suppliers and utilizing ReOrbit’s proprietary software layer.
The company’s software core is versatile enough to manage both its geostationary orbit satellite, SiltaSat, which maintains a fixed position above a specific point on Earth, and its low earth orbit satellite, UkkoSat, which orbits closer to the planet.
This adaptability holds particular importance for nations that recognize the escalating significance of space technology in defense, security, and critical infrastructure.
ReOrbit has already secured a comprehensive contract worth hundreds of millions with one nation and multiple Memorandums of Understanding with others, according to Saveda Suvanam. While these agreements were sufficient to fund the startup’s operations, they opted to take on additional funding to accelerate growth. The CEO aspires for ReOrbit to attain unicorn status in sales within the next four years, aiming for €1 billion in order books.
The Series A round was led by Finnish firm Springvest, which organizes crowdsourced public offerings for private companies. Although the startup fell short of its initial €50 million target, the round marked a record size for Finland. The remaining €37 million came from institutional investors including previous backers Varma, Elo, Icebreaker.vc, Expansion VC, 10x Founders, and Inventure.
Competitors such as Astranis present challenges, but ReOrbit’s location plays a crucial role in its strategy. Founder Sethu Saveda Suvanam hails from India but spent 15 years in Sweden’s space industry before deciding to relocate his company to Finland and settle there with his wife, Mina Rajabi, who serves as ReOrbit’s chief of staff.
Finland’s favorable regulatory environment, as demonstrated by the success of ICEYE, a well-capitalized space startup outside of SpaceX, was a significant factor in this decision. However, current geopolitical tensions also played a role, with recent incidents such as cuts to undersea cables in the Red Sea underscoring the importance of satellite communications and imaging for nations.
“Finland is not a country that aims to be a superpower,” said Saveda Suvanam, “but today, many nations are caught between China and the U.S. When we engage with the highest authorities of these nations, they consistently express keen interest in Europe and the Nordics as neutral partners. This makes it incredibly exciting to come from this region – no pun intended.”
ReOrbit’s next major milestone will be a satellite launch for an in-orbit demonstration with the European Space Agency, planned for the second quarter of next year.
