Torino-based AIKO has secured €3.5 million in Series A funding to expand its presence in Europe and extend its reach into the US market.
AIKO was founded in 2017 and offers a suite of AI-powered software solutions for automating the operation of satellites and space infrastructure, including in-orbit maneuvering and data processing.
On 9 October, the company announced that it had secured €3.5 million in Series A funding from Deep Blue Ventures and Primo Space. The funding is part of a €5-million capital increase that is still underway. With this latest injection of cash, the company has now raised a total of €6.5 million in funding.
“This operation is a key milestone at a crucial moment in our growth, allowing us to scale our solutions and expand overseas,” said AIKO founder and CEO Lorenzo Feruglio. “Our goal is to enable autonomous space missions, where technology can make a difference both in fault prevention and in optimizing the many delicate operations required for successful space missions.”
In the short term, AIKO will utilize the new funding to grow its team from 40 to 70 people and expand its European presence. This will include the growth of its Toulouse office, which the company opened in January 2023. A longer-term goal that will be powered by the new funding is the company’s expansion into the US. AIKO plans to open a US-based office by 2025.