Insider Brief:
- Blackswan Space announced the successful closure of its €760k pre-seed funding round.
- The investment was spearheaded by ScaleWolf.
- The injection of capital will primarily be allocated toward expanding the engineering team to expedite product development and enhance commercial endeavours.
- Image credit: EU-Startups
Blackswan Space, a Vilnius-based spacetech startup, announced the successful closure of its €760k pre-seed funding round. The investment was spearheaded by ScaleWolf, a hybrid accelerator and fund for defense technology, and saw participation from backers including Linas Sargautis, co-founder of NanoAvionics, Lemonade Stand, Baltic Sandbox Ventures, and Vladas Lašas, a seasoned entrepreneur and angel investor as reported by EU-Startups.
Established in 2019, Blackswan Space has been at the forefront of developing advanced software solutions for complex space and defense missions in collaboration with the European Space Agency (ESA) and various commercial partners. One of its flagship products, the Mission Design Simulator (MDS), enables users to simulate intricate spacecraft maneuvers for a variety of tasks including in-orbit servicing, object retrieval missions, space domain awareness, and real-time satellite constellation simulations.
The company’s Vision Based Navigation (VBN) hardware payload, equipped with proprietary algorithms, enables spacecraft to execute autonomous navigation maneuvers when ground control is unfeasible.
Marius Klimavicius, co-founder and CEO of Blackswan Space, discussed the significance of the funding in addressing a critical challenge facing the space economy – the increasing amount of satellites and space infrastructure in orbit that demand autonomous management solutions. Klimavicius emphasized that the funding serves as a pivotal catalyst to propel the company’s growth trajectory, complementing its self-funded initiatives and contracts with ESA.
The injection of capital will primarily be allocated toward expanding the engineering team to expedite product development and enhance commercial endeavours.
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