Revolv Space raises 2.6 million euro to boost small satellite performance
Founded in the Netherlands by two Italian aerospace engineers abroad, the startup recently opened an office in Turin where it is expanding operations following an investment led by two Italian venture capital funds.
Turin, 28 May 2024 – Revolv Space, a space technology startup with offices in Italy and the Netherlands, has secured an investment of 2.6 million euro to enhance the capabilities of small satellites through advanced mechanisms and high-performance power generation systems..
This funding round, led by Primo Ventures through its Primo Space fund with the support of Takeoff, the Aerospace and Advanced Hardware Accelerator within CDP Venture Capital’s National Accelerator Network, marks a significant milestone in Revolv Space’s growth. The capital raised will enable the orbital demonstration of SARA, the first autonomous, fail-safe solar panel actuator designed to significantly improve the performance of small satellites. The investment will also support the expansion of the company’s production capacity in response to growing demand for advanced satellite components.
The startup is supported by the European Space Agency (ESA) through its Business Incubation Centre in Noordwijk, Netherlands, where the company was founded. Revolv Space took its first steps near ESTEC, ESA’s technical centre. The new funding round has enabled the opening of a new office in Turin, Italy, a major European and global hub for the space sector, home to major players such as Thales Alenia Space and Leonardo, as well as fast-growing companies like Argotec and Tyvak International. The opening of the Turin office was facilitated by the Investment Attraction Team at the Foreign Centre for the Internationalisation of Piedmont (CEIP), backed by the Piedmont Region and the Piedmont Chamber of Commerce System
«Since January, Revolv Space has already hired five people of three different nationalities, confirming the growing appeal of the Italian space ecosystem within the European framework.»
Marco Sala, CEO & Co-founder of Revolv Space.
«This investment takes us into the next crucial phase of Revolv Space’s growth –said Marco Sala, Co-founder and CEO of Revolv Space – The star of the show will be the in-orbit demonstration of the first SARA unit, following a rigorous qualification process to ensure product reliability and confirm the quality of our design approach. The capital increase will also allow us to scale up our manufacturing capacity to serve satellite constellation clients, marking a key step in our mission to push the boundaries of commercial space with innovative robotic and power solutions», Sala continued.
«The backing of renowned investors such as Primo Space Fund and Takeoff confirms our vision and expansion plans. Their experience and networks in the space sector are essential for driving Revolv’s growth. Growth also means new hires. Since January we’ve already hired five people of three different nationalities, and we plan to hire four more in the Turin area, demonstrating Revolv’s commitment to developing the Italian and European space ecosystem» the CEO concluded.
«Founded in 2022 by alumni of Milan Polytechnic and TU Delft, the company has demonstrated rapid growth and a clear strategic vision aligned with Primo Ventures’s investment philosophy.»
Raffaele Mauro, Partner at Primo Space Fund.
Eugenia Forte, Director of the Takeoff Accelerator, noted that: «We’re excited to support Revolv Space at this pivotal stage in its growth. The team’s innovative approach to developing and commercialising space technologies represents a significant breakthrough for the sector. This investment will allow Revolv to accelerate the development and production of cutting-edge systems that meet the needs of a rapidly expanding market. We’re proud to collaborate with such a dynamic and visionary team, which has the potential to redefine standards in satellite technology.»
«We’re grateful to our mentors, advisors and previous investors who were instrumental in the investment process», concluded Sala. «Special thanks go to our legal advisor, Silvia Bernardi, M&A Associate at Gianni & Origoni, and our investment advisors Alberto Emprin and Alessandro Rovera, for their invaluable guidance and support.»
