Accelerator & Venture

Space investment status

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 Speaker

François Chopard
Founder and CEO

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http://www.website.com

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 NEW SPACE is less than ten years old
SPACEX key milestones
18 Launches
1st 2019
successful
falcon
heavy

1st
successful
Landing on 2017
Sea
7 Launches
1st
successful
Landing
2016
3 Launches
2 Launches 2 Launches
1st
1st 1st successful
successful successful Launch to
Launch of Launch of 2015
the ISS
falcon 1 falcon 9

2013
2012
2010
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 disclosed funding in aerospace and defense startups
reached $5B in 2019
Trends 40
6,000
› Aerospace represents a ~growing 5,534
5,262
4% of the venture capital market 5,211

› Growth is maturing 5,000

› Increase in round size 30

› Seed rounds growing in amount 4,000

3,000 2,768 20
2,605
Opportunities
› Access to government and military
contracts (leverage & revenue 2,000
opportunity) 10
1,012
› Govts supporting sovereign new 1,000
transportation and space capabilities 590 507
653

196 250
0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

Avg. deal size [USD m] Unattributed E D C B A Seed

Source: Starburst

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 9 trends in the current Space Industry

Micro-launchers come
The # of Aerospace Accelerated pace of to maturity & ease
01 startups keeps growing 02 investment since 2015 03 access to space for new
players

The advent of
The ground segment as
04 constellations and new 05 06 Additive manufacturing
the next bottleneck
services

Laser for ground-to- Artificial intelligence Quantum technologies :

07 space and space-to- 08 developments across 09 sensors, communication,
space communications the space value chain computing

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NUMBER of NEW startups has rapidly grown to 1500 per year
Starburst key milestones
2500 startups
COMING SOON (2019-2020) Opening of 2019
Montreal
PAX EXPERIENCE ACCELERATOR office
(SGP) 6000 startups
STARBURST SEOUL OFFICE INNOVATION
1500 startups DEFENSE LAB
Opening of (PARIS)
Munich ABU DHABI
and 2017 ACCELERATOR
Singapore
200 startups offices IAI INNOVATION
CENTER (Tel AVIV)
Opening of
Los
Angeles
office
2016
100 startups
50 startups Launch of
Launch of Paris
Starburst in Accelerator
Paris 2015

2013
2012
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Early stage startups - Series A-B - disclosed funding in aerospace
and defense is also growing
100 startups raise their series a last year, 10 M$ on average

2,734 30
2,800 Funding [USD m] Avg round amount
2,600 [USD m]
2,400 2,272 25
2,200
2,000
1,792 20
1,800 1,683
1,079
1,600
1,375
1,400 15
775
1,200
613 988 Avg. Series B
1,000
10
800 420 Avg. Series A
600 1,193
430
300 908 942 5
400 147 762
149
568 Funding Series B
200 109
81 63 11 283
25 4 35 28 150
0
21 46 35 99
0
Funding Series A
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

Source: Starburst
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 Micro-launchers come to maturity & ease access to
space for new players
New Space / ICT Country 1st flight Details
Rocketlab was founded in New Zealand
in 2006 by Peter Beck. The micro-
2017
launcher, Electron, has flown 9 times
(founded 2006)
since 2017 carrying about 40 satellites
to Low Earth Orbit.
Maiden flight of the Hyperbola rocket
on July 2019 marking the first flight of a
2019 Chinese private firm to Low Earth orbit.
(founded 2016) Other Chinese players include
OneSpace which attempted a flight in
early 2019.
Virgin Orbit developed an aircraft-
carried rocket that is undergoing final
2019 (pending) tests before first orbital flight at the end
(founded 2017) of 2019. The company, created by the
billionaire Richard Branson, has raised
more than $380M to date.
However, two additional trends are
emerging :
› There are more than 100+ projects
around the world developing
launcher systems and a consolidation
is foreseen in coming months and
years as the first entrants grab the
market shares
› Major launch operators of large
launcher system now offer
competitive rideshare options:
o Arianespace introduced in GO-1
mission : the first microsat mission
going directly to GEO
o SpaceX is now offering rideshare
opportunities at a very competitive
price
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 the advent of constellations and new services
Players Country Founded # sats (Oct 2019) Details

Planet is an imaging company that operating 120+ Doves, 14 SkySats and 5

2010 >140 RapidEye satellites. The company is now capable to observe every location on
Earth at least once a day.

Spire had built a constellation of over 70 satellites to track maritime and aviation
2012 >70 assets and provide data for weather forecasting. They closed in September 2019
a $40M round (Total of $200M).

OneWeb plans to launch 600 LEO Satellite for global communication services.
2017 6 They successfully launched six satellites and planning to launch a total of 2000
satellites at a 1200km altitude.

Hawkeye360 and UnseenLabs develop a commercial satellite constellation for RF

2015 3 signal monitoring to reveal hidden and previously uncharted activities across
land, sea and air.
› Hawkeye360 raised $70M to complete constellation deployment
2015 1
› Unseenlabs, backed by French DGA, plans 20-50 satellites

Starlink is already planning the world’s largest Low Earth Orbit broadband
2015 60 constellation, filed paperwork in recent weeks for up to 30,000 additional
Starlink satellites (Oct 2019) on top of the 12,000 already approved by the FCC.

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 The ground segment as the next bottleneck
› With constellations coming to maturity, huge volumes of data are now generated in space from
Daily volume of data generated
hundreds of satellites and need to be transmitted to the ground in a timely and efficient manner.

› The existing ground stations are now the bottleneck and several trends are appearing to improve
150 by the sole Copernicus program
(ESA) in 2019
timeliness and lower costs. Tb/day

Mutualization of ground station capabilities

› Infostellar(Japan) and SpaceIT(Europe) are building Airbnb-like software
infrastructure for ground stations and constellation operators to optimize the
station capacity, increase data timeliness and lower costs.
› Both companies are growing fast in suppliers and funding.

Consolidation between ground segment and data storage

› In 2018, Amazon Web Service and Lockheed Martin announced a key
partnership to provide ground stations as a service using the Verge network
created by Lockheed Martin and leverage the cloud capabilities of Amazon.
This move is especially interesting because if combines both data transmission
and data storage.

Development of high-speed laser communication Development of in-orbit processing capability

See later slide on laser communication See later slide on Artificial Development

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 Additive manufacturing (1/2)
› Reduced number of parts
Opportunities › Optimized designed with increased functionality and reduced weight
› Cost reduction through reduced production cycle (less parts), reduction of material waste

Application 1 : specific pieces… Application 2: whole launchers

› Relativity Space envisions building an entire micro-launcher using
advanced additive manufacturing techniques.
o Part count < 1000 (instead of 100 000+)
o Build time < 2 month (instead of 24 months)
› The company, created in 2015, raised $185M of funding to date (Series
C)
› Milestones: 100+ performed fire tests of the Aeon 1 engine (15,500+
lbs thrust) to date.

Example of 3D-
printed space
components such
as nozzle (top left –
Virgin Orbit), thrust
chamber (top right
– Launcher) and
antenna bracket
(left - EOS)

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 Additive manufacturing (2/2)
› Extreme versatility: astronauts can now custom-make tools and objects they need
Opportunities › Simplicity of launch : only the raw material needs to be sent in space

› Company founded in 2010 (USA). Raised $73.7M+ to date and received several NASA contracts and
grants to develop their technology
› Made In Space focuses on microgravity additive manufacturing to enable the production of objects in
space, according to user needs
› 2014: First 3D printing of objects in microgravity with resin
› The company is currently working on other materials such as polymer and metals and plans to recycle
polyethylene into usable 3D printing filament

Made in Space printing machine model Zero-G testing of the additive Dec 2014: Astronaut aboard the ISS builds
flown on the ISS (resin-based material) manufacturing machine the first wrench in space (resin material)

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 Laser communication (direct)
› High data rate and long-distance wireless data transmission
Opportunities › Global high-speed internet connectivity

› Starlink is planning the world’s largest LEO › Mynaric was founded in 2009 (Germany) and raised › Canada-based Telesat is designing a constellation of
broadband constellation, filed paperwork in recent $15.7M to date. around 300 satellites for global internet connectivity.
weeks for up to 30,000 additional Starlink satellites The company plans to begin offering regional service
on top of the 12,000 already approved. › Laser for high-speed internet (10Gbps laser that will include Canada in 2022, with global service
technology) from satellites & airborne platforms following in 2023.
› 60 satellites were deployed in 2019 in a single
Falcon9 launch
› The satellites use laser technology to communicate
among themselves and with the ground

Mynaric develops laser communication to communicate with Starlink : 60 satellites stacked under a Falcon9 fairing (left) before
satellites and aircrafts launch (center) and orbit insertion (right)

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 Laser Communication (Data relays)
› Inter-satellite data relay network for Earth Observation, Internet of Things and broadband
constellations, launch vehicles and deep space missions.
Opportunities
› Data rates at least 10-100x faster than conventional antennas

Audacy (USA, 2015) offers ground-based teleport
stations and space-based relay satellites placed in MEO
to increase data transfer between satellites (software-
defined radio) and end-users (Laser downlink). The
company secured more than $100M commercial
commitments.
Skyloom Global (USA, 2017) is developing a data relay
infrastructure in GEO to relay data from LEO via laser
communication. The advertised performance would be
100Tb/day/sat and the company plans launching 6
payloads in GEO for world coverage.
Golbriak Space (Estonia, 2018) is developing an unique
LEO-to-LEO laser communication device compatible
with cubesats and enabling duplex communications. The
technology will be demonstrated in 2019 as part of the
FSScat demonstrator from ESA

Golbriak Space’s developed the first full duplex Audacy data relay architecture using 3 platform in Medium Earth Orbit with
optical terminal for cubesats a capacity of 1000 concurrent users, a coverage of 100% and a latency <1s

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 Artificial Intelligence developments
In-orbit operations
› Autonomous station keeping
› Debris collision avoidance maneuver
› In-orbit treatment of EO data to maximize the value of data downlinked (e.g. remove cloud and fog from
optical imagery, focus on boats when observing the seas, …).
Examples
o Chinese constellation “Xingshidai” of 192 AI-powered EO satellites announced in 2019 (after successful test in early 2019)
o European FSScat mission scheduled for 2019

Ground control
› Optimization of the satellite tasking (e.g. observation requests…) and ground segment optimization (which
satellites to be targeted, network optimization)

Analytics & data fusion

› Data analytics beyond change detection such as: data fusion of multiple sources, advanced image
recognition, capacity to integrate space and non-space data to deliver insights, low energy and low training
sets methodologies…

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 Quantum technologies
Stakes Applications (selection) Players (selection)

› Sensors precision greatly improved Magnetometer Accelerometer

(factor 10 at least)
QUANTUM SENSING › First sensors commercialized Gradiometer Gyrometer
› On-going research to decrease
technology size, weight and costs Gravimeter

› Real advantages demonstrated for Quantum Quantum key

point-to-point communications internet distribution
COMMUNICATION & › Research on-going to increase the
CRYPTOGRAPHY performance (e.g. data rate) Random
Secured point-
› Several on-going projects in numbers
to-point comm.
Chinese research institutes generation

› Analogical computers to be used

for specific applications (e.g. Molecules
optimization problems) design & Big Data and AI
› Research to focus on universal simulation
QUANTUM COMPUTING & quantum computer to outmatch
SIMULATION classic computers capabilities
› Besides specific players,
technology maturity considered to Optimization problem resolution
be rather low

Source : Starburst PAGE 17

 Funding trends per geography (Series A & B, 2009-19)
35 Avg deal size [USD m]

30 C h i n a (10%, 34, 29.6)

25

20
J a p a n (2%, 13, 15.5)
USA
15 G e r m a n y (4%, 27, 12.9) (67%, 386, 16.7)
Singapore
(2%, 16, 10.8)
10 U K (4%, 40, 9.4)
Canada
(2%, 19, 9.7) O t h e r s (6%, 78, 7.3)
5
Israel
(1%, 19, 7.3) F r a n c e (2%, 35, 4.8)
0
0 10 20 30 40 50 60 70 80 90 100 110 360 370 380 390 400
Number of deals

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 LA AEROSPACE CAPITAL OF THE WORLD
LOS ANGELES IS BECOMING THE BEST MIX OF HERITAGE & NEW STARTUPS

MASSIVE LOCAL ECONOMY TOKYO 1 $1.62T

Los Angeles has the 3rd largest NEW YORK

2 $149T
GDP in the world after Tokyo & CITY
New York. LOS ANGELES 3 $928B

SEOUL 4 $903B

SOURCE BROOKINGS INSTITUTION 2015 LONDON 5 $831B

LA. GRADUATES MORE ENGINEERS THAN ANY OTHER METRO

IN THE UNITED STATES.’

ACCREDITATION BOARD FOR ENGINEERING & TECHNOLOGY

LOS
ANGELES
VENTURE * More than France
CAPITAL and Germany
combined; roughly
equal to UK

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 FOCUS ON AEROSPACE STARTUPS
STARTUPS ARE FLOURISHING IN LOS ANGELES WITH GREAT SUCCESS and IT’s JUST THE BEGINNING

100+ AEROSPACE STARTUPS

IN LOS ANGELES AREA:
› 9 NEW SPACE
› 7 LAUNCH
› 7 UAS
› 7 AI/software
› 6 MANUFACTURING
› 5 AVIATION
› 9 MISC

INC Unicorns – VALUED OVER $1 bN

10 VALUED over $100m

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