Copenhagen: QuadSAT has announced that it raised 2 million euros ($2.35 million) in a Pre-Series A investment round as it prepares to productize its technology.
QuadSAT plans to use the money to fuel its pivot from traveling service provider to a seller of a bundled drone-and-software product that satellite operators, antenna makers, and their customers can use themselves for testing, tuning, and troubleshooting.
“Our technology right now can be used to hire a QuadSAT technician and we’ll show up and we’ll make the measurements using our drone system. What we want to use this investment for is to take that technology and turn it into a product that we can hand over to customers themselves,” QuadSAT CEO Joakim Espeland
Espeland said QuadSAT plans to expand its team in preparation for bringing its revised offering to market in March.
The 2-million-euro investment round was led by London-based Seraphim Capital, Denmark’s state-owned Vaekstfonden investment fund, and angel investor Helge Munk, who chairs QuadSAT’s board of directors.
QuadSAT was founded in Denmark in 2017 and opened an office in 2018 at the UK’s Harwell Space Cluster an hour’s train ride from London after participating in Seraphim Space Camp, a nine-week accelerator program for space technology startups.