Primo Space invests 5 million euros in Apogeo Space for the development of the first Italian private satellite constellation for the IoT

25 mag 2022

Milan, May 25, 2022

€ 5 M round for Apogeo Space (formerly GP Advanced Projects), an Italian company specializing in the design and construction of nanosatellites, thanks to the entry of the Primo Space fund.

To date, this is the eighth and most significant investment by Primo Space, part of Primo Ventures, an Italian fund specializing in the New Space Economy sector.

Apogeo Space, the name of the new company that maintains the DNA and the mission of the previous GP Advanced Projects, thanks to the intervention of Primo Space aims at creating a constellation of miniature satellites (pico-satellites) capable of guaranteeing connectivity to Internet of Things (IoT) devices globally. The constellation is expected to enter service by the first half of 2023, with the launch of the first block of satellites and by the end of 2023 more than 20 satellites will be operational from space.

Apogeo Space will use the new inflow of capital to consolidate its technical-commercial structure, carry out the necessary developments for the serial production of the constellation's satellites and launch the first satellites that will be released in blocks of 9 at a time. Already with this first deployment of satellites it will be possible to retrieve data from IoT devices in any point of the globe with a maximum wait of 30 minutes. Continuous coverage will be achieved from 2027 with about 100 satellites.

The project has solid foundations. In fact, in April 2021 the company announced the successful launch of FEES (Flexible Experimental Embedded Satellite), the smallest made in Italy satellite ever launched into space. This was followed by the launch of a second FEES2 satellite, in January 2022, the smallest satellite ever released by the International Space Station. The cubesat FEES satellites, with a volume of 10x10x3cm and a mass of 300 grams, fall into the category of pico-satellites.

According to Giorgio Minola, General Partner of the Primo Space Fund, “The IoT communication market will be growing strongly in the next few years, so much so that this is the second investment we are making in an IoT satellite constellation. In particular, the constellation designed by Apogeo Space - which has already demonstrated its technological skills through the experimental launch of 2 satellites - addresses the needs of a segment of customers that is still poorly manned"

Guido Parissenti, CEO and co-founder of Apogeo Space, states: "Italy has recognized skills since the beginnings of space exploration. Our project falls in this vein and we are grateful to Primo Space Fund for having believed in our vision. Technological evolution now makes it possible to offer services that only 10 years ago would have seemed economically unsustainable. Our constellation will allow us to provide satellite connectivity to a wide range of applications hitherto excluded from cost and technological barriers"

Primo Attinà, co-founder of Apogeo Space: "The keystone of the Apogeo Space project is the concentration of the functions of a CubeSat platform (10x10x10 cm) in 1/3 of the volume that can be mass-produced through a production chain and all Italian suppliers. Only through the availability of such a compact platform will it be possible to quickly and cost-effectively deploy a satellite constellation dedicated to IoT data collection. It is the product that places Italy at the forefront in a rapidly growing sector. "

The Laward law firm, with a team coordinated by the founding partner Pierantonio Luceri, and Deloitte Legal, with a team led by the equity partner Giorgio Mariani, acted as legal advisors to the operation for the benefit of the Fund and the company respectively. Primo Space was assisted by the E. Amaldi Foundation in the technological evaluation of the business. For the development of the strategic plan and the negotiation with the Apogeo Space investment fund, it was supported by Always srl.

Primo Ventures is an asset management company specializing in early stage technology venture capital in the digital and space sector. Primo Ventures currently manages the funds: Barcamper Ventures, Barcamper Ventures Lazio, in partnership with the Lazio Region, and Primo Digital in the digital sector and Primo Space Fund in the new space economy sector.

www.primo.vc

For more information: matteo.cascinari@primo.vc - +39 335 746 8648

Apogeo Space (formerly GP Advanced Projects) is an innovative Italian SME focused on R&D activities in the space sector, in particular on nanosatellites and cubesats. The company also collaborates with other companies and research institutes already in the space sector, or entities from other fields of activity that wish to expand their services using space technology, providing support in the development of proposals in response to calls for tenders and in the management of the resulting programs. Established in 2013, it has contributed to the development of important projects of ESA (European Space Agency), ASI (Italian Space Agency) and NASA, often in collaboration with important research institutes including INAF (National Institute of Astrophysics), INFN (Istituto National Nuclear Physics), Brera Astronomical Observatory, Bologna Astronomical Observatory and Milan Polytechnic.

www.apogeo.space

For more information: pressoffice@apogeo.space

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