CubeSpace ADCS, a South African spacecraft component manufacturer focusing on designing and manufacturing control systems and spacecraft attitude determination, has raised ZAR 47 million in venture capital funding to expand its operations into international markets, Engineering News reports.
The funding round was led by the University Technology Fund, with co-investor Savant Venture Fund.
“We have developed a modular and low-cost control system capable of controlling any size satellite, which will help researchers, private companies, and governments globally build satellites a lot quicker, with smaller teams, and at a much lower cost. With the new investment, we’re expanding our capabilities to control satellites up to one ton through our revolutionary new range of large reaction wheels to address an urgent need in the satellite constellation market for high-performance, low-cost reaction wheels,” commented Mike-Alec Kearney, CEO of CubeSpace ADCS.
A spin-off company from Stellenbosch University, the African NewSpace company specialises in producing turnkey ADCS solutions.
According to Wayne Stocks, University Technology Fund’s CEO, CubeSpace represents the fund’s vision to invest in South African university technology with global potential. Their largest investment yet, this funding round, reflects the investors’ confidence in the company.
Recording an annual growth rate of 50%, CubeSpace has over 150 clients globally, including national space agencies and private sector clients, and has had its products fitted to over 300 satellites.
Source: https://africanews.space/cubespace-adcs-secures-zar-47-million-in-vc-funding/
