Press Releases
Scientifica Venture Capital announces its tenth investment in SPiN
Space Product and Innovation S.r.l (SPiN), a leading provider of innovative modular space manufacturing solutions, closed a € 1.63 million funding round led by Galaxia, the Italian Technology Transfer Hub on Aerospace powered by CDP Venture Capital, together with Obloo Ventures, with participation from Scientifica Venture Capital and Innova Venture.
This significant investment will propel SPiN’s mission to revolutionize space manufacturing and democratize access to space. Space represents the pinnacle of human discovery and technological achievement. Until now, pushing the boundaries of scientific and technical limits in space technology required custom designs and extended lead times with limited compatibility among components.SPiN, based in Frascati, Italy, stands at the forefront of transforming the aerospace industry with its groundbreaking approach.
SPiN addresses these challenges by offering affordable, innovative, and state-of-the-art space manufacturing solutions, transforming satellites into modular systems with their groundbreaking Multipurpose Adapter Generic Interface Connector, MA61C.SPiN’s mission is to democratize access to space by providing high-quality, innovative, and affordable space manufacturing solutions. SPiN’s modularity-as-a-service approach reduces design costs by 50%, production costs by 30%, and integration time by a year for spacecraft manufacturers.
The company empowers satellite manufacturers to allocate resources where they matter most, fostering the pursuit of new ventures in the short and long term. In the words of Ran Qedar, SPiN’s Chief Executive Officer: “Space exploration is limited by inefficient designs and lengthy processes. SPiN empowers satellite manufacturers to focus resources where it matters, enabling them to pursue new ventures efficiently.”SPiN has raised a total of € 1.74M to date, including a previous investment of € 140 thousand from Business Angel investment and accelerator programs.
Galaxia led the recent seed round, with Scientifica Venture Capital and Innova Venture participation.Claudia Pingue, the manager of CDP Venture Capital’s Tech Transfer Fund, commented, “We are excited to support SPiN in its mission to revolutionize space manufacturing. Their innovative approach aligns with our vision to promote and advance breakthrough technologies and new businesses in aerospace.”
“Our decision to invest in SPiN is based on the solid belief that advanced technologies, such as its multipurpose plug-and-play adapter, play a crucial role in the evolution of the aerospace industry,” stated Riccardo D’Alessandri, Managing Partner of Scientifica Venture Capital. “We are confident 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.
The funds will be utilized to scale the start-up, intensify research and development, explore commercial opportunities, and further qualify the hardware in an operational environment. Ran Qedar, SPiN’s CEO, shared his vision: “Our goal is to redefine space manufacturing, making it accessible and efficient. This funding will accelerate our efforts to bring about positive change in the space industry.”
SPiN’s multipurpose plug-and-play adapter will revolutionize the commercial space market by allowing the rapid testing of new technologies and assembling modular satellites with off-the-shelf systems at a fraction of the cost and time. The company will use the additional funding to complete the qualification of the different adapter versions through in-orbit demonstrations and commercialize its products by 2024.
