A rendering of The Exploration Company’s Nyx capsule. Photo: TEC

The Exploration Company has raised $160 million in a Series B round that marks the largest space Series B round in Europe and a statement of intent from the European investor community to fund a European-based space capsule provider.  

The Exploration Company (TEC) is developing the Nyx reusable space capsule to launch from any heavy launch vehicle and fly to any space station — the ISS today and future commercial space stations. In an interview with Via Satellite earlier this year, founder and CEO Hélène Huby spoke of her ambition to bring a European space capsule to the market and increase global competition. 

“This significant raise is a reflection of not only the talent and commitment of the team at TEC but also that building global companies with European roots can only be done through fostering trust and cooperation between European countries. 98% of our shareholders are European, demonstrating that the continent can finance bold entrepreneurs,” Huby said in a Nov. 18 statement. 

This funding brings TEC’s total capital raised to nearly $230 million. 

Balderton Capital and Plural led the funding round. It also included participation from Bessemer Venture Partners, NGP Capital, French Tech Souveraineté, DeepTech & Climate Fonds (DTCF), and Bayern Kapital. The round also included significant follow-on investment from historical investors, including EQT Ventures, Red River West, Cherry Ventures, Promus Ventures, and Omnes Real Tech Fund. 

The release noted it is the first time two European sovereign funds, French Techn Souveraineté managed by Bpifrance and DTCF, have invested together. 

French President Emmanuel Macron personally applauded the funding round in a statement. 

TEC plans to further develop the Nyx capsule, expand its 200-person team, and scale capacity. The company launched its first Nyx Bikini reentry capsule on the inaugural Ariane 6 mission, but an issue in the final stage of the mission with the auxiliary propulsion unit caused the loss of the capsule. 

The company is now working to launch its mid-size capsule, Mission Possible, in 2025 carrying 300 kg of customer payloads. Nyx Earth’s maiden flight is set for 2028, to carry cargo for ESA to the International Space Station. TEC was also the first European company to sign a Space Act Agreement with NASA.

“TEC is a company that I believe is sitting on the kind of tinder box that you don’t see often as an investor,” Plural Partner Khaled Helioui commented. “It’s operating in a huge market where 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.”