Primo Space Fund closes two new investments expanding its commitment for space sustainability, women-led startups and cutting edge space tech enablers.

22 apr 2024 Press Release, Primo Space Fund, Ecosmic, Lithium Lasers

Milano, April 22nd, 2024. Primo Space Fund reinforces its dedication towards innovation in the space industry announcing two new deals: Lithium Lasers and Ecosmic.

Lithium Lasers - Ultrashort Pulse Laser (USPL) for flexible, precise and faster material processing

Lithium Lasers S.r.l. is an Italian startup founded in 2019 and headquartered in Rovereto (TN), which has developed a USPL called FemtoFlash for material processing, biophotonics and non-linear optics applications in several industries (eg. aerospace, healthcare, automotive, consumer electronics…), particularly useful when dimensional accuracy and tighter tolerances are needed. Because of its ease of integrability, FemtoFlash is easier to install, lowering setup costs for clients.

In the aerospace industry, lasers are exceptionally effective for micro-component manufacturing and they are especially used in marking Carbon Fiber Reinforced Polymer (CFRP) components, a widely used composite material in aerospace applications.

The Ultrashort Laser Pulse market is expected to grow at a CAGR of 14,1% until 2028, reaching a size of €3,9 billion. This steadfast growth is mainly driven by microelectronic manufacturing fostered by consumer electronics increasing demand.

With a €1.5 million committed by Primo Space Fund in a €2 million round with the co-investment of 360 Capital, Lithium Lasers will accelerate the process of industrialization and commercialization along with starting to work on a new line of UV Lasers set to be launched in the next few years.

Alessandro Greborio, CEO and co-founder of Lithium Lasers comments: "With the financial and strategic support from Primo Space and 360 Capital Partners, we are set to accelerate the industrialization of our product and consolidate our position as a leading provider of laser solutions for high-precision manufacturing of components used in various industries. The capital infusion will drive the rapid industrialization of Femtoflash, along with the development of a UV laser version to broaden our capabilities across a wider range of materials. Simultaneously, we will establish a highly-performing laser processing platform to tackle complex manufacturing challenges. Our sincere thanks go to our legal counsel, Fabio Azzolina, and the BizPlace team for their invaluable assistance throughout the fundraising process."

"360's deepened involvement in Lithium Lasers underscores the remarkable strides made in precision manufacturing technology by the company. With each technical leap forward, we affirm our dedication to driving industrial progress and investing in transformative solutions for the future." said Alessandro Zaccaria, Partner at 360 Capital.

Ecosmic - Making space sustainability a reality

Ecosmic S.r.l. is an Italian startup founded by three female space engineers in 2023 in the Netherlands now fully headquartered in Turin. The team is developing a software solution for Space Situational Awareness (SSA) and collision avoidance called SAFE (System to Avoid Fatal Events) that by employing proprietary algorithms supports space mission operators in assessing threats from orbital collisions with higher accuracy and lower risk of overestimation (cost saving) and identifies the best avoidance maneuvers to perform.

The increasing regulatory pressure aimed at improving the sustainability of space operations and the willingness of space operators to safeguard their assets’ lifecycle are supporting the growth of the market for SSA which is expected to grow at a 4,4% CAGR reaching a total value of €2,1 billion in 2030.

With a focus on sustainability, SAFE contributes to minimizing space debris, extending mission lifecycles, and enhancing overall space safety by reducing the risk of collision.

With a €1.1 million round committed by Primo Space Fund, Ecosmic will strengthen its team and develop SAFE 2.0, an upgraded version enabling satellite operators to adjust mission planning to specific contingencies, from collision avoidance maneuvers to anomaly detection and more, with a full satellite mission management tool.

“At Ecosmic, we are glad to welcome Primo Space as our first investor. Their seasoned expertise in the space industry is invaluable as we propel our journey towards sustainable space operations. This pivotal investment arrives at a crucial moment for Ecosmic, enabling us to scale our operations based in Italy and successfully launch our space traffic management flagship product. In addition to driving our mission forward, we are committed to cultivating an environment of inclusivity and opportunity within the space sector. With the support of Primo Space, we aim to champion diversity and empower individuals from all backgrounds to contribute to our vision of a more sustainable use of the space environment.” Ecosmic adds.

This round of investments brings Primo Space Fund’s portfolio to fourteen companies, restating its contribution to build a European space tech ecosystem. “We are excited to announce these investments as they foster space sustainability, support female founders, too often underrepresented in this sector, and new emerging technologies with cutting edge applications” concludes the Primo Space Fund team.

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