We receives a 5 million € investment from Primo Space to develop the inaugural Italian private satellite constellation dedicated to the Internet of Things (IoT)
Primo Ventures is a specialized asset management company that focuses on early-stage technology venture capital within the digital and space sectors. Their portfolio includes Barcamper Ventures, Barcamper Ventures Lazio (in collaboration with the Lazio Region), Primo Digital (in the digital sector), and Primo Space Fund (in the emerging space economy sector).
This investment marks the eighth and most significant investment made by Primo Space, a part of Primo Ventures, an Italian fund focused on the New Space Economy sector.
The influx of capital will enable Apogeo Space to strengthen its technical and commercial infrastructure, implement necessary developments for serial production of satellite constellations, and initiate the launch of the first satellites in groups of 9. With this initial satellite deployment, data retrieval from IoT devices worldwide will be possible within a maximum wait time of 30 minutes.
By 2027, continuous coverage will be achieved with approximately 100 satellites.
Want to know more on Apogeo picosatellites?
The Apogeo Space Project
In April 2021, the Apogeo agency successfully launched FEES (Flexible Experimental Embedded Satellite), the smallest satellite ever launched into space in Italy. This was followed by the launch of a second satellite, FEES2, in January 2022, which became the smallest satellite ever released from the International Space Station.
The cubic-shaped FEES satellites, measuring 10x10x3cm with a weight of 300 grams, belong to the category of picosatellites.
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.Giorgio Minola, General Partner of the Primo Space Fund
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.Guido Parissenti, CEO and 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.Primo Attinà, co-founder of Apogeo Space