More
    HomeUpdatesStellenbosch University Spin-off CubeSpace Secures $3m Funding from Futuregrowth

    Stellenbosch University Spin-off CubeSpace Secures $3m Funding from Futuregrowth

    Published on

    spot_img

    CubeSpace, a satellite technology spin-off from Stellenbosch University, has secured $3m in funding from Futuregrowth Asset Management. The investment, made through Futuregrowth’s High Growth Development Equity Fund (HGDEF), will bolster the company’s expansion plans in the burgeoning small satellite market.

    Founded in 2017, CubeSpace specialises in Attitude Determination and Control Systems (ADCS), crucial technology that ensures satellites maintain precise orientation in orbit. This technology is essential for a range of applications, including Earth observation, scientific missions, communication, and connectivity. CubeSpace has established itself as a key player in the SmallSat sector, providing cost-effective and reliable solutions that streamline satellite deployment.

    The funding will enable CubeSpace to extend its product range beyond nanosatellites, targeting larger spacecraft in the 50–1,000kg class. This strategic move aligns with projections of significant growth in the space economy, driven by innovation in satellite technology and increased private sector involvement. Brian Masondo, Principal: Private Equity & Venture Capital at Futuregrowth, highlighted the “exceptionally promising” outlook for companies like CubeSpace, citing industry forecasts that predict the space economy will exceed $1 trillion by 2040.

    CubeSpace’s competitive advantage lies in its ability to deliver affordable and user-friendly solutions, reducing time-to-orbit and simplifying satellite production. Amrish Narrandes, Head of Private Equity & Venture Capital at Futuregrowth, emphasised the strategic fit of the investment, noting CubeSpace’s “strong leadership team” and “passion for innovation.” He added that the investment aligns with Futuregrowth’s focus on supporting intellectual property-rich businesses in expanding sectors.

    Mike-Alec Kearney, CEO and co-founder of CubeSpace, welcomed the investment, stating it will provide the “firepower” needed for aggressive growth. The company aims to become the “gold standard” for satellite control systems, enabling the construction of highly reliable satellites with shorter lead times and lower costs.

    Futuregrowth’s investment in CubeSpace reflects its commitment to supporting innovative South African businesses that contribute to job creation, sustainability goals, and international competitiveness. Futuregrowth’s Private Equity and Venture Capital division manages funds like the HGDEF, targeting investments in sectors critical to South Africa’s economic development. With a 25-year track record in developmental investments, Futuregrowth provides portfolio companies with not just capital, but also strategic guidance and operational support.

    CubeSpace’s roots trace back to satellite technology research conducted at Stellenbosch University in the 1990s. The company launched its first miniature ADCS technology in 2014 as part of the QB50 project and became an independent entity in 2017. Since then, its components have orbited the moon, and the company has continued to innovate, launching a new generation of products in 2022. CubeSpace now supports over 250 customers in more than 30 countries, including major space agencies like NASA and ESA.

    Latest articles

    Nearly 80% of African Startup Funding in May Was Debt

    A month without a single equity round above $10m also raises questions.

    The Elite Funnel: Why African Tech’s New Financing Mix Signals a Hollowing of the Core

    Priced equity rounds from US and Gulf venture capital have all but vanished.

    NALA Secures up to $50M Credit Facility From MUFG-Backed Liquidity to Pre-Fund Stablecoin Payment Corridors

    "At some point our business was more than doubling every other quarter, we grew faster than we could handle pre-funding for single-direction payments and everything broke."

    South African Fintech Flagship Yoco Buys Restaurant Software Platform Dyner.ai

    The South African payments group is bolting on an AI-native operating system for restaurants, while a new European CEO prepares to take the helm.

    More like this

    Nearly 80% of African Startup Funding in May Was Debt

    A month without a single equity round above $10m also raises questions.

    The Elite Funnel: Why African Tech’s New Financing Mix Signals a Hollowing of the Core

    Priced equity rounds from US and Gulf venture capital have all but vanished.

    NALA Secures up to $50M Credit Facility From MUFG-Backed Liquidity to Pre-Fund Stablecoin Payment Corridors

    "At some point our business was more than doubling every other quarter, we grew faster than we could handle pre-funding for single-direction payments and everything broke."