The Exploration Company (TEC), an EU space startup founded in 2021 and operating out of Germany, France and Italy, has raised over €150 million in Series B led by Balderton Capital and Plural, with participation from Bessemer Venture Partners, NGP Capital, French Tech Souveraineté, DeepTech & Climate Fonds (DTCF) and Bayern Kapital to further develop their reusable spacecraft Nyx.
“The Exploration Company is poised to redefine European leadership in space exploration. Their mission to make space exploration more accessible and sustainable promises to unlock unprecedented opportunities not just for Europe, but for humanity’s future in space,” said David Thévenon, Partner at Balderton Capital.
Khaled Helioui, Partner at Plural, added: “Demand for launches and delivering cargo dramatically outstrips supply, in a region which has received decades-worth of institutional investment, in a political climate where policy-makers know they need to take urgent action if they want to safeguard our critical assets.” Continuing with: “When you add in a founder who you believe can emulate the kind of value creation we’ve seen in commercialising space in the US, you have a near-perfect set of ingredients for success.”
At the heart of TEC’s mission and funding is the development of its spacecraft, Nyx, which is designed to be reusable and refillable in orbit. Nyx is intended to be launched multiple times from any heavy launcher, returning to Earth with up to 3,000 kg of cargo. This marks the largest down-mass available worldwide, costing 25 per cent to 50 per cent less than other available spacecraft – allowing for a cost-effective and sustainable alternative to the current offerings such as SpaceX’s Dragon Capsule.
Hélène Huby, TEC’s CEO and co-founder, said: “We are the first company in the world where this is for the first time mainly funded by private investors.” Unlike SpaceX’s Dragon Capsule, which is “mainly funded by NASA.”
Huby is also focused on building a space company rooted in the European context. TEC was awarded a study contract from the European Space Agency (ESA), worth around €25 million to develop cargo return services, as well as becoming the first European company to sign a Space Act Agreement with NASA.
Huby added: “Space will play a critical role in shaping humanity’s future, and I want to contribute to building a future which is peaceful and cooperative and our European DNA fits perfectly with this mission.” This fund represents a pivotal moment as TEC accelerates toward their next big milestone: a planned crewless mission to and from the International Space Station (ISS) in 2028.
