StartupsVC/PE

IENAI Propels Forward with its €3.9M Funding Round

Image: IENAI Space

Spanish space mobility startup IENAI Space closed a €3.9M ($4.2M) funding round that will allow it to grow its team and finish developing its in-space propulsion system. 

Several Spanish investors participated in the round, including Inveready, WA4STEAM, DPM, GED Conexo Ventures, and government-based CDTI.

Meet IENAI:  IENAI builds a space propulsion system and offers customers software to plan satellites’ maneuvers, with an end goal of offering “maneuvering as a service,” according to its website. 

“We provide propulsion products, yes, but also other mobility-associated services on top of that, and what they look like in reality is basically a number of software products that some are not currently in the market,” Daniel Perez, CEO and co-founder, told Payload. 

The company hit two milestones this year:

  • Their ATHENA electric propulsion system fired for almost 400 hours, sparking interest from European satellite manufacturers 
  • More than two dozen companies joined a beta test of their software for space mobility and mission planning

“Engineers, mission analysts, and designers need to be able to make the best decisions, so we’re trying to provide them with the tools to help with that, particularly the mobility aspect,” Perez concluded.

Funding for what? This round brings IENAI’s total funding to €7M ($7.5M), which they plan to use to onboard more clients, continue their software developments, finish the propulsion systems, and begin the commercialization. IENAI also expects to grow from 22 to 30 employees, including hiring a VP of sales, and is considering opening a new facility for the larger team. 

What’s Next? IENAI is looking to fire its electrospray thruster for 500 hours, breaking its own record of ~400 hours set this year, and to test the thruster in orbit in collaboration with ESA.  The company is also working toward starting commercial deliveries of its ATHENA thruster by early next year.

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