GLASSBORO, N.J. – A French startup Exotrail that develops electric thrust systems and makes software for SmallSat has collected over 11 million Euros ($13 million) from stakeholders, the business reported on 16 July.
French investment capital companies Innovacom and Karista directed the Series A round, with contribution from NCI-Waterstart, IXO Private Equity and Turenne Capital, and last stakeholders 360 Capital, Bpifrance and Irdi Soridec Gestion.
The Exotrail boss, David Henri confirmed during an interview that a France-based Exotrail, Massy and Toulouse had collected over 17 million Euros since its launch in 2017. It intends using its new finance to supplement product expansion, boost manufacturing capacities, and employ business development workforce in North America and Europe.
Exotrail intends to develop its manufacturing capability from ten momentum systems a year today to up to a hundred in year by the year 2022, and expand its headcount to up to 50 people from their first number that was 27 people.
Due to the COVID-19 pandemic, Exotrail could not assemble with stakeholders physically. However, Henri stated that Series A was not hard to shut down since the company before now had a current relationship with many of the stakeholders that contributed. Exotrail also started producing revenue in the current year; a step he admitted helped in convincing stakeholders to finance the company.
Exotrail has an exhibition thrust system on NanoAvionics Cubesat waiting to initiate on a PSLV mission of India that has been postponed since November 2019. The pandemic has blurred the timeline for the send-off. Henri added that it would be challenging to accomplish that before the end of fall and they would be reasonably lucky if it manages to launch in September.
He confirmed that Exotrail contains thrust systems on supplementary SmallSat, comprising one initiating on a Falcon 9 of SpaceX later in the current year for an anonymous customer and two initiating in the subsequent year on CubeSats Clyde Space in developing for Eutelsat.
Over the subsequent year, Exotrail intends to invest in gathering propulsion systems collectively to support bigger microsats and SmallSat. The current focus of the company is a satellite from ten to two hundred and fifty kilograms.
Henri confirmed that Exotrail also targets on releasing a software program for spaceship missions, manufacturing on the March discharge of its ExoOPS operation design software series.
Before the year 2024, Exotrail anticipates launching its first in-space transport system, named Space Van. It will offer last-mile services for about ten or more nanosatellites.