Neuraspace raises €2.5M

 In News, Technology, Technology and Engineering Systems

Neuraspace has raised €2.5 million from Armilar Venture Partners. The company will use these funds to accelerate the commercialisation of its platform.

Neuraspace, which is incubated in the Instituto Pedro Nunes (established by the University of Coimbra) and is also part of the European Space Agency’s Business Incubator (ESA-BIC) initiative, is the developer of an advanced AI-powered Space debris monitoring & satellite collision avoidance platform, which solves the most critical problems that legacy solutions fail to resolve for satellite operators.
First, the company’s proprietary AI technology enables more accurate satellite collision risk prediction, with an already proven 22% lower false positives. Second, Neuraspace’s data fusion approach, using different data types from multiple sources, increases the robustness and resilience of its offering. Third, the platform automates many of the current manual processes and communications, thus allowing for a scalable and integrated solution to concurrently serve multiple satellite operators. Finally, Neuraspace delivers an end-to-end solution, providing operators with actionable orbital manoeuvre recommendations to avoid collisions, while also delivering valuable insights to various other stakeholders including regulators, insurers and other Space-asset dependent businesses.
As much as it would be unthinkable for businesses to operate without the internet, it would be equally impossible for numerous industrial sectors to run as they do without satellite-based data and services — transportation, logistics, banking, insurance, agriculture, security, etc. The Space economy itself is poised to grow from +US$300 billion to US$1 trillion, fuelled by lower cost of access to space, enabled by the diversification of platforms and their success, and accelerated by several well-financed operators planning to launch tens of thousands of new satellites. In addition to the expected exponential increase in the number of satellites, there are an estimated 1 million debris objects, sized between 1cm and 10cm, in Earth orbit. The probability of satellite collisions is already increasing dramatically and will continue to do so, as will the consequent massive business disruption and security risks.
Add to this the tragic recent anti-satellite missile tests performed by some States, and it becomes clear why Space safety, security and sustainability has taken centre stage and has become an unquestionably  urgent and critical need to the global economy at large. While some of these aspects are specific to the Space sector, the disruption of established industries by startups is not.
This is where Neuraspace comes in.