NewOrbit

NewOrbit, a European satellite manufacturer, has successfully closed an oversubscribed Series A funding round, securing $18.5 million (£13.9 million) to build satellites for commercial operations in Very Low Earth Orbit (VLEO).

Summary of transaction details:

• Value: £13.9 million
• Sector: DeepTech & Space
• Advisor: Not mentioned
• Key Entities: NewOrbit (Target), Voyager Ventures (Lead Investor), Atlantic.vc, Lifeline Ventures, LGF, Illusian, David Kirk, Lawrence Leuschner, Custos (Participating Investors)
• Location: Europe

Note: This funding round will enable NewOrbit to construct its NEO Production Complex and launch its first commercial satellite by 2028, aiming to commercialize VLEO for drone-resolution imagery and direct-to-phone connectivity at a lower cost than conventional constellations.