PARIS (Reuters) -Infinite Orbits has completed a 40 million euro ($46.40 million) funding round, it said on Monday, adding that the financing will help Europe to compete more effectively against the United States and China in the satellites sector.
The French satellites business will use the money to open new offices in Luxembourg, Spain, Britain, Germany and Poland, it said at the ‘Choose France’ business investment summit.
WHY IT MATTERS
Infinite Orbits is part of European efforts to challenge Elon Musk’s Starlink satellite constellation. The Infinite Orbits financing round follows a deal struck last month by Airbus, Thales and Leonardo to combine their satellite manufacturing and services businesses.
LATEST BACKERS
The EU’s European Innovation Council Fund and venture capital firms including Matterwave Ventures, Wind Capital, Balnord and Newfund Capital took part in the fundraising, the statement from Infinite Orbits said.
Infinite Orbits added that it has an order book worth 150 million euros over the next three years.
($1 = 0.8620 euros)
(Reporting by Sudip Kar-GuptaEditing by David Goodman)
