In recent years, startups in CEE have begun capitalizing on the momentum of the space tech industry, a field historically dominated by governments due to high entry barriers and the need for deep expertise. Europe (with already three unicorns in the spacetech field, OneWeb, Lilium, TomTom), is the second region in terms of market share across the spacetech upstream segment, according to Dealroom data, followed by China and Canada, and the rest of the world. 

Zooming at the CEE level, the region already has a potential future unicorn in this field, Polish-rooted ICEYE founded by Rafal Modrzewski (Polish) and Pekka Laurila (Finish), with a total funding of $395M. The startup owns the world’s largest synthetic-aperture radar constellation. The company enables objective, data-driven decisions for its customers in sectors such as insurance, natural catastrophe response and recovery, security, maritime monitoring and finance. ICEYE’s data can be collected day or night, and even through cloud cover.

Additionally, several other promising startups from the region are emerging, particularly in the Czech Republic, Poland and Bulgaria if we look at the number of startups, rounds raised and the total funding.

Where is spacetech heading in CEE?

The global spacetech economy is expected to grow to $10T by 2030 according to Space Tech Analytics. Space technology includes the hardware, equipment, and systems used in space exploration and development, as well as the technologies and processes that support their operation and maintenance.

What facilitated the spacetech growth the most? 

In a previous interview, we talked with Dr. S. Pete Worden, former Director of NASA’s Ames Research Center and currently Chairman of the Breakthrough Prize Foundation about the developments of this industry and what changes he’s seen. 

He believes that advancements in technology enabling more frequent space missions will foster the development of even more advanced technologies.

“The timeframe required to conceptualize, create, and execute a mission has been drastically condensed. Today, missions can be accomplished within a year’s span, enabling professionals, including students, to engage in multiple endeavors throughout their careers. This shift introduces a sense of reward and progress. Moreover, the accelerated pace of mission development provides invaluable learning opportunities. When you only engage in a single mission, lessons remain scarce. However, with the possibility of multiple missions, around ten or even twenty, the approach becomes iterative. This means that lessons from one mission can inform the next, enabling growth and refinement.” 

Sources: TheRecursive