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U-Space raises €7M to become the

European leader in the production of next-
generation nanosatellite constellations.

Toulouse, September 15, 2022 - The Toulouse-based company U-Space,

supplier of turnkey solutions for satellite constellation operators, has raised
€7 million from Karot Capital, the Definvest fund of the Ministry of the Armed
Forces managed by Bpifrance, relying on the expertise of the Direction
générale de l'armament (DGA) and BNP Paribas Développement. This
operation is to date one of the largest seed fundraisers for a French NewSpace player

Created in 2018 by 3 aerospace engineers (Fabien Apper, Nicolas Humeau and Antoine
Ressouche), and based in Toulouse, the cradle of the French space industry, U-Space designs and
builds complete space systems from 4 to 50 kg and has imposed on the highly technological market
for the commercialization of space solutions with a unique value proposition in the range of nanosatellites.

With the arrival of new players offering less and less expensive launches (notably thanks to reusable
(micro) launchers), operators can now send their satellites at a lower cost.
But the satellite itself must still be affordable in order to have satellite constellations.
Thanks to U-Space solutions that offer low cost, small size, replicability (robustness) and
performance, it is now possible.

The relevance of these solutions resulted in 2022 in a strong acceleration for U-Space of construction
projects (N3SS, Synchrocube, CREME) and it is to support this development that the company has
called on new investors.
The funds raised will allow investment in R&D, the optimization of the design process, the
industrialization of production and production of specific constellations, and of course the recruitments
necessary to cope with this increase in load.
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“We would like to thank the teams of Karot Capital, Bpifrance, the Ministry of the Armed Forces and BNP Paribas
Development for the trust they have placed in us, but also the Occitanie Region, the Defense Innovation Agency
and Airbus Development who have accompanied in this decisive and structuring process. We would also like to
thank the Center National des Etudes Spatiales for the technical heritage passed on to us and for the support given
to U-Space since its creation.” says Fabien Apper, CEO and co-founder of U-Space.

For Sébastien Lecornu, Minister for the Armed Forces: “The Ministry for the Armed Forces welcomes the
participation of the Definvest fund in the development of U-Space, a promising NewSpace company with which it is
already working on several subjects. With this new investment, the ministry is directly contributing to the change in
scale of U-Space, to make it an industrial company capable of producing competitive nanosatellites that break with
current systems. Definvest was designed for this and through this fourteenth investment is more than ever an
essential tool and complementary to the SME Action plan of the Ministry of the Armed Forces. »

“Since 2015 and the reusable launchers, the space sector has been attracting more and more private operators of
satellite constellations providing services for Earth observation, deployment of broadband networks, IoT, …
To meet these challenges, U-Space offers a modular platform of configurable nanosatellites, whose industrial
approach makes it possible to develop reliable turnkey constellations (from the preliminary study to in-orbit
supervision) by reducing prices by 2, 5 and development time by 3.
For Karot Capital, this is the opportunity to invest in an industrial project with salient competitive advantages,
supported by a particularly qualified team.”, declares Charles-Antoine Morand, founder of Karot Capital.

“Since its creation, the company has been able to generate strong commercial traction by relying on real technical
credibility, inherited from CNES. In just a few years, U-Space has become a high-potential French start-up that can
support both commercial and sovereign projects,” explains Adrien Muller, Director of Investments at Bpifrance.

Contacts presse

U-Space Bpifrance Karot Capital

Fabien Apper Sophie Santandrea Charles-Antoine Morand
contact@u-space.fr Sophie.santandrea@bpifrance.fr contact@karot.capital
Tel: 01 45 65 51 62

More information on U-
Space Website: https://www.u-
space.fr/ Contact: contact@u-space.fr

More information on Karot

Capital Karot Capital invests tickets from 500k to 2 M€ in young innovative companies alongside committed
entrepreneurs, mainly in the sectors of Deeptech, Health, and Consumer Disruption. Karot Capital currently
supports a dozen teams. https://karot.capital/
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More information on Bpifrance, the DGA and their investment fund Definvest
Bpifrance's equity investments are managed by Bpifrance Investissement. Bpifrance finances companies – at each
stage of their development – with loans, guarantees and equity. Bpifrance supports them in their innovation projects
and internationally. Bpifrance also ensures their export activity through a wide range of products. Advice, university,
networking and acceleration program for start-ups, SMEs and ETIs are also part of the offer offered to entrepreneurs.
Thanks to Bpifrance and its 50 regional locations, entrepreneurs benefit from a close, unique and efficient contact
to support them and meet their challenges. www.bpifrance.fr

The Directorate General for Armaments (DGA): an expertise, testing and engineering force within the Ministry of
the Armed Forces, the DGA's mission is to equip the armies in a sovereign manner, to prepare the future of
defense systems, promote European cooperation and support exports. The State's largest buyer, in 2021 the DGA
placed 23.5 billion euros in orders with industry and invested 1.404 billion euros for the benefit of innovation and
defense technology projects. With 18 sites in France, its 10,000 civilian and military men and women, nearly 60%
of whom are executives, engineers or experts, and its network of international collaborators, the DGA is involved
in all areas of defense (combat land, naval, air, electronic communication and information systems, deterrence,
space, cyber-security, robotics, etc.).
More information at: www.defense.gouv.fr/dga and www.ixarm.com – Follow us on Twitter: @DGA

Endowed with 100 million euros provided by the Ministry of the Armed Forces, Definvest combines the
complementary expertise of the General Directorate of Armaments (DGA) and Bpifrance. The fund, managed by
Bpifrance, aims, as an extension of the support mechanisms for SMEs already deployed by the DGA, to take stakes
in the capital of the BITD's Strategic SMEs, alongside financial and industrial investors, to enable them to grow
completely independently.

More information on BNP Paribas Development :

BNP Paribas Development, an independent subsidiary of the international banking group BNP Paribas, is a public
limited company that has been investing its own funds directly for more than 30 years as a minority shareholder to
support development. high-performance SMEs & ETIs and ensure their sustainability by facilitating their transmission.
Beyond the financial resources made available to the company to ensure stable resources, the vocation of BNP
Paribas Development is to provide long-term support to the management team in carrying out its medium-term
strategic projects. Our minority positioning ensures our partners appropriate governance without interference in
day-to-day management, while benefiting from the strength of a recognized group and the experience of a partner
with a portfolio of more than 400 diversified holdings, including 70 startups.

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