Swedish microelectronics maker ÅAC Microtec has secured SKr 25m (US$4m) in venture capital funding amid growing demand for small satellites.
ÅAC said the support from local VC firm Fouriertransform, which is owned by the Swedish government, will help…
Swedish microelectronics maker ÅAC Microtec has secured SKr 25m (US$4m) in venture capital funding amid growing demand for small satellites.
ÅAC said the support from local VC firm Fouriertransform, which is owned by the Swedish government, will help the group expand its international footprint as it seeks to play a leading role in the miniaturisation of spacecraft.
The manufacturer was spun out in 2005 from a laboratory at Uppsala University, a pioneering researcher into micro-electro-mechanical systems (MEMS). It currently provides services and technology solutions to both commercial and government customers, including the space agencies of the US, Europe, Japan and Sweden.
Fouriertransform CEO Per Nordberg said: “ÅAC Microtec is a world leader in miniaturised electronic components and systems for spacecraft operating in the most extreme environments and has an impressive list of global development customers
“Our investment will enable ÅAC to continue the commercialisation in this demanding segment, i.e. aerospace, but also to address new, industrial segments with its innovations.”
The VC firm has an investment capacity of around US$472m and had invested in 21 companies as of December 2013, totalling roughly US$166m.
The market for smaller satellites is expected to soar as it benefits from increasing access to space, with a plethora of start-ups promising to slash launch costs by using reusable vehicles, plane-based launchers and even high altitude balloons.
In January, Kjell Bohlin, who had been ÅAC’s CEO since 2012, gave the reins to aerospace veteran Björn Åstrand as he stepped aside to become CTO. The group said it appointed Åstrand, who has 35 years in the industry, as it expects “rapid growth in terms of both revenue and order intake during 2014”.
