Press release 20.9.2021
Aurora Propulsion Technologies closes 1.7 M€ Seed funding round
Seed round lead by Practica Capital and joined by TESI and The Flying Object
Espoo, Finland. September 20, 2021 – Aurora Propulsion Technologies, a leading space propulsion systems company, today announced the closing of its Seed funding round for 1.7M€ with Practica Capital as lead investor and joined by TESI (Finnish Industry Investment Ltd.) and The Flying Object, a Fund from Kluz Ventures.
“We at Aurora are very pleased to bring onboard three prime VC’s and a number of new strategic angel investors to close our Seed round” says Roope Takala Chairman & CEO of Aurora Propulsion Technologies, “This round puts us well on track to complete our time as a start-up and begin a growth phase.”
Sustainable technologies for precise positioning in space and economically viable orbit control systems are becoming essential hardware components. Aurora makes products for movement in space, with microthrusters and Plasma Brakes, as its spearhead technologies.
“We are closely observing space companies in our region and are very happy to make our second investment in this category,” says Donatas Keras, Partner at Practica Capital. “Aurora fills a critical gap in the fast growing new space industry. We believe that Aurora has an opportunity to play a leading role in this emerging new space industry and at the same time make it truly more sustainable in the medium and long term.”
The recently-signed investment agreement provides Aurora with the 1.7 M€, venture funding needed to complete its technological development, in orbit demonstration flights and key hires, enabling this critical phase in the company’s growth. The funding round is led by Practica Capital and joined by TESI and The Flying Object as institutional investors, with a number of additional individual investors supporting the round.
Aurora Propulsion Technologies Media Contact:
Timo Mustonen | +358 40 554 4410 | firstname.lastname@example.org
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About Aurora Propulsion Technologies:
Aurora Propulsion Technologies’ mission is to ensure sustainable use of space, whilst prolonging the useful lifespan of satellites. Our technologies enable effective and prompt implementation of satellite position and orientation to ensure successful execution and growth for the owners’ business as well as the safe and reliable deorbiting of satellites at the end of their useful life. The long-term mission goal is deep space exploration with microsatellite-sized probes using a revolutionary means of propulsion, an electric sail. Visit Aurora Propulsion Technologies at www.aurorapt.fi.
About Practica Capital:
Founded in 2011, Practica Capital is a dedicated Baltic VC focusing on investments in the Baltic Sea region. The company invests in seed, late seed and Series A ventures backing great teams behind the tech-driven businesses from the region and partnering with them as company builders. Practica Capital manages three venture capital funds with a total size of more than €50M. To date, Practica Capital has made more than 60 investments, including the most prominent Baltic start-up ecosystem companies such as TransferGo, Trafi, CGtrader, NanoAvionics, Ziticity, Interactio, PVcase and others. – Learn more at practica.vc.
Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. Tesi invests profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Tesi’s investments under management are in total 1.9 billion euros. – Learn more at www.tesi.fi.
About The Flying Object:
The Flying Object is a sector-focused global fund offering strategic capital to breakthrough solutions across the Technology of Flight, from air and space, unmanned aerial vehicles to satellites, and activities in between, and utilizing a network of experts and industry contacts to build growth and returns. Based in Washington D.C. and San Francisco, The Flying Object is part of the Kluz Ventures family of sector-specific venture capital funds. – Learn more at theflyingobject.com and kluzventures.com.