Venture Capital: Space Debris Remover ClearSpace Lands €26.7m Series A

January 20, 2023 | Latest News, News, Venture Capital

According to Citigroup, the space industry could reach $1tn in annual revenue by 2040.

Switzerland-based startup ClearSpace is working on technology for space debris removal and has recently raised €26.7m in a Series A round to accelerate the launch of the world’s first-ever space mission to remove a moving, non-cooperative object from orbit.

The round was co-led by OTB Ventures, a Polish venture capital firm specializing in deeptech, and Swisscom Ventures, the venture capital arm of the Swiss telecom provider.  (Sifted)

ClearSpace projects

ClearSpace, which was founded in 2018, develops technology and services that can extend the life of active satellites and safely remove them from orbit when they’re no longer functioning.

The company is currently working on three projects contracted by public institutions: two for the European Space Agency (ESA) and one for the UK Space Agency. For ClearSpace 1, a €110m contract from ESA, the company is making a robot with claws which will be sent to space to capture a part of one of ESA’s dead rockets. The mission is planned for 2026.

According to ClearSpace, there are currently more than 5,000 objects flying around the Earth which could be classified as debris. Every year, approximately 74 new objects become space debris and there are also 3,400 active satellites which will sooner or later go out of use.

Sergey Gugkaev, the company’s chief commercial officer, said to Sifted: “No-one previously has been capturing an object that is not designed to be captured, that is not cooperative. It’s not like a space station where you have the spaceship that is approaching and docking. Both of them are designed to be docked. Here, it’s an uncontrolled object.”

Related Story: Starfish Space Scores $7M Raise For Its Otter Servicing Spacetug

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: The Crypto Spring Is Here And Bitcoin Could Touch $100K (Standard Chartered)
November 29, 2023     Digital Assets, News

Standard Chartered has reiterated its prediction that Bitcoin will surge to $100,000 by the end of 2024, attributing this potential rise to the upcoming Bitcoin halving event in 2024. The…
FinTech: Apple Looking To End Its Credit Card And Savings Account Tie-Up With Goldman Sachs
November 29, 2023     FinTech, News

Apple (NASDAQ: AAPL) has presented a proposal to terminate its credit-card and savings account partnership with Goldman Sachs (NYSE: GS) within the next 12 to 15 months, marking a potential…
Venture Capital: Cemex Ventures Invests In Carbon Footprint Platform Vizcab
November 29, 2023     ESG and Sustainability, News, Venture Capital

Cemex Ventures, the venture arm of Mexican cement giant Cemex (NYSE: CX), has taken a notable stride in promoting sustainability in the construction industry through a strategic investment in Vizcab,…
Artificial Intelligence: Amazon Unveils Its Q Chatbot For The Corporate Workplace
November 29, 2023     Artificial Intelligence, Latest News, News

Amazon (NASDAQ: AMZN) has entered the chatbot competition with its new artificial intelligence assistant named Amazon Q, developed by the company’s cloud computing division. Unlike consumer-focused chatbots like ChatGPT and…