ReOrbit, a Finnish company dedicated to empowering countries to operate their own sovereign satellites, has secured a historic €45 million (approximately $53 million USD) Series A investment—an unprecedented sum for a European space technology firm. This significant funding reflects the growing momentum in Europe’s emerging space sector, driven by an international climate where nations are increasingly cautious about depending on external providers for essential infrastructure.
Established in 2019 and headquartered in Helsinki, ReOrbit delivers both hardware and software solutions that enable independent satellite management. CEO Sethu Saveda Suvanam explains that the company is addressing the needs of countries unable to manufacture satellites themselves, by offering a cost-effective option that rivals Starlink, owned by Elon Musk.
In contrast to Starlink, which also caters to commercial and private users, ReOrbit is committed to ensuring its customers have complete control and authority over their satellites and networks. This involves using reliable hardware sources, all managed through ReOrbit’s proprietary software platform.
This core software system, which Saveda Suvanam compares to Apple’s iOS, powers both ReOrbit’s geostationary satellite SiltaSat—maintaining a constant position over the same area on Earth—and UkkoSat, its low Earth orbit satellite that moves closer to the planet’s surface.
Such adaptability is especially vital for governments that understand the growing influence of space-based technologies in supporting their defense, security, and essential systems.
This strategy has enabled ReOrbit to secure “a major contract valued at several hundred million euros” with one country, along with “multiple MOUs” with other nations, according to Saveda Suvanam.
Saveda Suvanam maintains that these deals meant the company didn’t actually require outside investment, but chose to proceed with the fundraising to boost its expansion efforts. His ambition is for ReOrbit to reach unicorn status in sales within four years. “We are aiming for €1 billion in orders,” he stated.
ReOrbit’s initial goal was to raise €50 million in this Series A round, managed by Springvest, a Finnish organization that connects private firms with qualified investors via public offerings. Although the full target wasn’t met, the round set a new benchmark for Finland, which played a significant role in securing the funding.
“The €8 million public share offering, made available to Finnish individual investors and family offices, launched on June 16 and was completely subscribed in only 4.5 hours—a record for any Springvest-organized share issue,” Saveda Suvanam shared with TechCrunch. That equates to roughly $9.4 million.
The remaining €37 million (about $43.5 million) primarily came from Nordic institutional investors, including previous supporters such as Varma, Elo, Icebreaker.vc, Expansion VC, 10x Founders, and Inventure.
With competitors like Astranis and others in the field, ReOrbit’s direction has been influenced by its location. Though Saveda Suvanam was born in India, he spent 15 years working in Sweden’s space sector before deciding to move his new company to Finland, where he relocated along with his wife Mina Rajabi, who serves as ReOrbit’s chief of staff.
A crucial element in this decision was Finland’s supportive regulatory environment, which previously benefited companies such as ICEYE, one of the best-funded space startups outside SpaceX. However, ongoing global tensions have also played a role. Recent disruptions to undersea cables in the Red Sea highlighted for many nations the vital importance of satellite communications and imaging.
“Finland doesn’t aspire to be a global superpower, which is significant because many countries today find themselves caught between China and the U.S. When we meet with top officials from these nations, they consistently express, ‘We are looking closely at Europe and the Nordic region, as we now seek neutral partners.’ That’s why it’s an exciting time to be in this sector coming from the Nordics—pun intended,” he said.
ReOrbit’s next big step will also originate from Europe: the company is developing a satellite for an in-orbit demonstration with the European Space Agency, aiming to launch it in the second quarter of next year, according to Saveda Suvanam.
