- $8.7B was invested in 112 space companies in Q3 2021, bringing total equity investment in the space economy to $231.2B over the past 10 years.
- Infrastructure companies received $3.9B of investment in Q3, with six space company SPACs merging and listing, accounting for $1.2B of investment.
- Q3 saw significant human spaceflight milestones as Virgin Galactic, Blue Origin, and SpaceX took passengers on suborbital and orbital flights.
Download China space industry development analysisKuicK Research
“China Space Industry Development Analysis” Report Highlights:
Civil & Military Space Industry Emerging Trends
Space Industry Formal Plan
Space Industry Capabilities Analysis
Launch Vehicles, Satellite Launch & Monitoring Centers
Space Laboratory Module: Tiangong Space Station
Ongoing & Future Projects
Government Initiatives & Budgetary Support
Space Industry Technologies & Trends
China space industry development analysisRajesh Sarma
“China Space Industry Development Analysis” Report Highlights:
Civil & Military Space Industry Emerging Trends
Space Industry Formal Plan
Space Industry Capabilities Analysis
Launch Vehicles, Satellite Launch & Monitoring Centers
Space Laboratory Module: Tiangong Space Station
Ongoing & Future Projects
Government Initiatives & Budgetary Support
Space Industry Technologies & Trends
Provides the necessary resources to advance the Nation’s
bipartisan space exploration plan and ensure that the
United States remains the world's leader in space
exploration and scientific discovery for years to come.
Extends the life of the International Space Station (ISS)
until at least 2024, which is essential to achieving the goals
of sending humans to deep space destinations and
returning benefits to humanity through research and
technology development.
Download China space industry development analysisKuicK Research
“China Space Industry Development Analysis” Report Highlights:
Civil & Military Space Industry Emerging Trends
Space Industry Formal Plan
Space Industry Capabilities Analysis
Launch Vehicles, Satellite Launch & Monitoring Centers
Space Laboratory Module: Tiangong Space Station
Ongoing & Future Projects
Government Initiatives & Budgetary Support
Space Industry Technologies & Trends
China space industry development analysisRajesh Sarma
“China Space Industry Development Analysis” Report Highlights:
Civil & Military Space Industry Emerging Trends
Space Industry Formal Plan
Space Industry Capabilities Analysis
Launch Vehicles, Satellite Launch & Monitoring Centers
Space Laboratory Module: Tiangong Space Station
Ongoing & Future Projects
Government Initiatives & Budgetary Support
Space Industry Technologies & Trends
Provides the necessary resources to advance the Nation’s
bipartisan space exploration plan and ensure that the
United States remains the world's leader in space
exploration and scientific discovery for years to come.
Extends the life of the International Space Station (ISS)
until at least 2024, which is essential to achieving the goals
of sending humans to deep space destinations and
returning benefits to humanity through research and
technology development.
BGX Investment Report covering venture capital flow into the period of 2018 Q4 and market sentiment for blockchain in 2019. Note: we are not talking about discredited ICOs or cryptocurrency predictions.
F-Prime Capital prepared a market analysis for 2018's year-end discussion. We are sharing it with our broader community in the hope that someone will find in informative, interesting or at least entertaining.
In this updated edition of our report, we share our continued excitement for the South Korean technology and venture capital ecosystem. With more global investors turning their attention to Korean startups today, we're excited to continue strengthening our presence in the country. The report includes the latest South Korean startup funding data and perspectives from some of the country's leading VCs.
Even though the growth has been slow in 2018, startups leveraging new hardware capabilities are reviving new investment. Explore global trends in our hardware sector report here http://bit.ly/hrd_sector
Tracxn - Monthly Report - Japan Tech - Oct 2021Tracxn
Check out @Tracxn's #curated latest #startup activity in #Tech rebrand.ly/lo6scz8
Subscribe for free https://rb.gy/3yuosu to access reports on your #Geography of interest, every month!
Tracxn - Geo Monthly Report - Japan Tech - Nov 2021Tracxn
Check out @Tracxn's #curated latest #startup activity in #Tech rebrand.ly/4h6betq
Subscribe for free https://rb.gy/3yuosu to access reports on your #Geography of interest, every month!
BGX Investment Report covering venture capital flow into the period of 2018 Q4 and market sentiment for blockchain in 2019. Note: we are not talking about discredited ICOs or cryptocurrency predictions.
F-Prime Capital prepared a market analysis for 2018's year-end discussion. We are sharing it with our broader community in the hope that someone will find in informative, interesting or at least entertaining.
In this updated edition of our report, we share our continued excitement for the South Korean technology and venture capital ecosystem. With more global investors turning their attention to Korean startups today, we're excited to continue strengthening our presence in the country. The report includes the latest South Korean startup funding data and perspectives from some of the country's leading VCs.
Even though the growth has been slow in 2018, startups leveraging new hardware capabilities are reviving new investment. Explore global trends in our hardware sector report here http://bit.ly/hrd_sector
Tracxn - Monthly Report - Japan Tech - Oct 2021Tracxn
Check out @Tracxn's #curated latest #startup activity in #Tech rebrand.ly/lo6scz8
Subscribe for free https://rb.gy/3yuosu to access reports on your #Geography of interest, every month!
Tracxn - Geo Monthly Report - Japan Tech - Nov 2021Tracxn
Check out @Tracxn's #curated latest #startup activity in #Tech rebrand.ly/4h6betq
Subscribe for free https://rb.gy/3yuosu to access reports on your #Geography of interest, every month!
Рішення РНБО від 10 березня 2023 року про застосування та внесення змін до персональних спеціальних економічних та інших обмежувальних заходів (санкцій).
SAP Sapphire 2024 - ASUG301 building better apps with SAP Fiori.pdfPeter Spielvogel
Building better applications for business users with SAP Fiori.
• What is SAP Fiori and why it matters to you
• How a better user experience drives measurable business benefits
• How to get started with SAP Fiori today
• How SAP Fiori elements accelerates application development
• How SAP Build Code includes SAP Fiori tools and other generative artificial intelligence capabilities
• How SAP Fiori paves the way for using AI in SAP apps
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...Neo4j
Leonard Jayamohan, Partner & Generative AI Lead, Deloitte
This keynote will reveal how Deloitte leverages Neo4j’s graph power for groundbreaking digital twin solutions, achieving a staggering 100x performance boost. Discover the essential role knowledge graphs play in successful generative AI implementations. Plus, get an exclusive look at an innovative Neo4j + Generative AI solution Deloitte is developing in-house.
Pushing the limits of ePRTC: 100ns holdover for 100 daysAdtran
At WSTS 2024, Alon Stern explored the topic of parametric holdover and explained how recent research findings can be implemented in real-world PNT networks to achieve 100 nanoseconds of accuracy for up to 100 days.
Observability Concepts EVERY Developer Should Know -- DeveloperWeek Europe.pdfPaige Cruz
Monitoring and observability aren’t traditionally found in software curriculums and many of us cobble this knowledge together from whatever vendor or ecosystem we were first introduced to and whatever is a part of your current company’s observability stack.
While the dev and ops silo continues to crumble….many organizations still relegate monitoring & observability as the purview of ops, infra and SRE teams. This is a mistake - achieving a highly observable system requires collaboration up and down the stack.
I, a former op, would like to extend an invitation to all application developers to join the observability party will share these foundational concepts to build on:
Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
The publishing industry has been selling digital audiobooks and ebooks for over a decade and has found its groove. What’s changed? What has stayed the same? Where do we go from here? Join a group of leading sales peers from across the industry for a conversation about the lessons learned since the popularization of digital books, best practices, digital book supply chain management, and more.
Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
Threats to mobile devices are more prevalent and increasing in scope and complexity. Users of mobile devices desire to take full advantage of the features
available on those devices, but many of the features provide convenience and capability but sacrifice security. This best practices guide outlines steps the users can take to better protect personal devices and information.
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
Climate Impact of Software Testing at Nordic Testing DaysKari Kakkonen
My slides at Nordic Testing Days 6.6.2024
Climate impact / sustainability of software testing discussed on the talk. ICT and testing must carry their part of global responsibility to help with the climat warming. We can minimize the carbon footprint but we can also have a carbon handprint, a positive impact on the climate. Quality characteristics can be added with sustainability, and then measured continuously. Test environments can be used less, and in smaller scale and on demand. Test techniques can be used in optimizing or minimizing number of tests. Test automation can be used to speed up testing.
Generative AI Deep Dive: Advancing from Proof of Concept to ProductionAggregage
Join Maher Hanafi, VP of Engineering at Betterworks, in this new session where he'll share a practical framework to transform Gen AI prototypes into impactful products! He'll delve into the complexities of data collection and management, model selection and optimization, and ensuring security, scalability, and responsible use.
Unlocking Productivity: Leveraging the Potential of Copilot in Microsoft 365, a presentation by Christoforos Vlachos, Senior Solutions Manager – Modern Workplace, Uni Systems
Communications Mining Series - Zero to Hero - Session 1DianaGray10
This session provides introduction to UiPath Communication Mining, importance and platform overview. You will acquire a good understand of the phases in Communication Mining as we go over the platform with you. Topics covered:
• Communication Mining Overview
• Why is it important?
• How can it help today’s business and the benefits
• Phases in Communication Mining
• Demo on Platform overview
• Q/A
3. Seed Series A Series B Series C Late Stage4
Other5
Rise of the Space Startups
$30 B
400
$50 B
$40 B 600
700
$20 B
$10 B
200
300
500
Over the last 10 years, there has been $231.2B of equity investment
across 1,654 unique companies in the space economy, led by investment
in the U.S. and China, which collectively account for 77% of the global
total. Investors deployed another $8.7B into space companies in Q3 with
investments in Small Launch and Comms dominating Infrastructure
investments and Mobility and Location-based Services dominating
Application investments. An additional six SPACs closed in Q3 opening up
new growth curves through technical advancements or acquisition and
providing exits to early investors. With $3.9B invested in Infrastructure
during the quarter, $10.3B has been invested in the stack YTD, already
surpassing the previous annual record year of $9.8B, set just last year.
CUMULATIVE EQUITY INVESTMENT FROM 2012 TO PRESENT
39%
20%
13%
9%
11%
8%
Seed
Series A
Series B
Other4
Late Stage3
Series C
$4 B
$6 B
$8 B
$10 B
$8 B
$10 B
$2 B
$6 B
$4 B
$2 B
$0
$0
The trend towards larger, late-stage deals continued with $7.1B invested
in Late Stage/Other rounds in Q3. Overall, investment in the top 10
rounds accounted for $12.4B, or 48% of total space investment YTD.
217 early stage rounds account for 59% of all rounds closed, representing
$1.5B of investment and creating a strong pipeline for future growth. Deal
activity in Seed and Series A is likely bolstered by “the great resignation”
and multiple successful late stage companies spinning out new founders.
After a large Q2, Q3 slowed slightly resulting in the eleventh largest
quarter on record ($8.7B). Q3 investment in Infrastructure was $3.9B,
driven by investments in Small Launch and Comms, breaking the
record $9.8B in annual Infrastructure investments set in 2020. While the
investment in Distribution this quarter was marginal ($0.1B), investors
exited $714M. Applications had a healthy quarter driven by investments
in Mobility and Location-based Services ($4.7B).
BY STAGE • INVESTMENT AMOUNT BY STAGE • ROUND SHARE
$24.8B $1.5B 217
368
$231.2B
1,654
$171.7B
$15.8B
$43.6B
Year to Date
BY TECH STACK • INVESTMENT AMOUNT AND DEALS BY QUARTER
100
150
50
0
2021 Q2 2021 Q3
2020 Q3 2020 Q4 2021 Q1
Infrastructure
Distribution
Application
Deal Count
EQUITY INVESTMENTS
5
4
1. “Other” consists of countries each representing less than 1% of funding.
EARLY-STAGE INVESTMENT2
EARLY-STAGE ROUNDS
NUMBER OF ROUNDS
NUMBER OF ROUNDS IN Q3
Infrastructure
Number of Rounds
Distribution
Application
Application
Distribution
Infrastructure
2
0
2
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
P
R
I
O
R
74%
7%
19%
Equity Investment in
Space Companies
Number of Companies
Receiving Investment
116
TOTAL INVESTMENT BY GEOGRAPHY
TOTAL INVESTMENT BY STACK ANNUAL INVESTMENT BY STACK
30%
47%
5%
4%
3%
3%
1%1%
6%
UK
Canada
Other1
China
India
France
USA
Singapore
2. Early-stage consists of Pre-Seed, Seed, and Series A rounds.
3. Late-stage consists of Series D+ and Liquidity Rounds.
4. “Other” includes PIPE transactions as well as non-traditional investments and self-capitalization from Jeff Bezos, Elon Musk, Richard Branson, and Robert Bigelow who are classified as
Individual investors providing large investments (hundreds of millions) in their own companies through unclassified rounds.
SpaceX
launches
crew
mission,
ushers in
commercial
spaceflight
1978
NAVSTAR I GPS
launched
1984
First Commercial
GPS Receivers
2001
gpsOne supports
launch of GPS on
mobile devices
2005
Google Maps
launched
2009
SpaceX first successful
commercial launch
2008
iPhone 3G equipped
with GPS
Uber reaches 1M
daily users and
expands to over
250 cities
SpaceX
lands orbital
booster,
ushers in
reusability Planet Labs
images
entire
Earth daily
Indonesia
4. M
e
d
i
a
&
E
d
u
c
a
t
i
o
n
Another $0.7B was invested in Launch in Q3, bringing the cumulative
investment in the industry over the past decade to $22.8B with 69%
invested in Heavy Launch, reflecting the capital intensity of the sector.
Another $2.8B was invested in Satellites in Q3, bringing the ten year
total to $18.8B with 57% invested in Communications as the backbone
of the internet converges with satellite technology. We are beginning to
see private investment in PNT satellites including Hawkeye 360, a Space
Capital portfolio company that provides radio frequency mapping as an
alternative to GPS.
Infrastructure
ANNUAL INVESTMENT SOURCE
BY SECTOR7
• CUMULATIVE INVESTMENT AMOUNT
CUMULATIVE INVESTMENT GEOGRAPHY
BY SECTOR • CUMULATIVE ROUND SHARE
$2 B
Angel/Individual
Venture Capital
Corporate
Other5
67%
16%
7%
5%
1%
1%
3%
United States
United Kingdom
China
France
Japan
Canada
Other6
$0
$4 B
$6 B
$8 B
$10 B
Another $3.9B was invested in the Infrastructure stack in Q3 driven by mega-
rounds in ORBCOMM ($1.1B), OneWeb ($550M), and Rocket Lab ($467M).
This quarter sets a new record for yearly Infrastructure investment, having
surpassed the previous high of $9.8B set in 2020. Corporate capital has
been a key contributing factor with $2.8B invested in 2021, breaking the
previous high of $2.3B set in 2016. The average round size and the number
of rounds are also on track to set new records at the end of Q4.
TheUnitedStatesleadsglobalinvestmentinspaceInfrastructureaccounting
for 67% of the total capital since 2012. The U.K. has grown to 16% of total
Infrastructure investment, driven almost exclusively by investments in
OneWeb. The U.K. government recently presented their National Space
Strategy, seeing space as a key driver of growth for the nation going
forward. China has grown to 7% of Infrastructure investments, primarily
flowing to small launch and manufacturing/component companies.
While Launch has received the largest cumulative investment since
2012, Satellites have generated the most deal activity with 51% of total
round share. Within Satellites, Manufacturing & Components and Earth
Observation account for a combined 76% of total round activity over
the past decade. Emerging Industries including in-space Industrials,
Logistics, and Biospheres represent a combined 10% of rounds and 2% of
investment dollars since 2012. We believe that super heavy lift capabilities
will begin to unlock these markets as terrestrial companies see space as a
cost effective growth market.
In Q3, investments in Launch and Satellites continued to be concentrated
in Late Stage rounds, reflecting the capital intensity of those industries.
Since 2012, 72% of this investment has gone to Late Stage and Other
rounds. Early stage companies over that same period received 11% of
capital.
The top 10 deals accounted for $3.3B, or 84%, of total Infrastructure
investment for the quarter with $2.7B invested in nine U.S. companies and
$0.6B invested in UK-based OneWeb. Five of these rounds are attributed
to PIPE investments associated with SPACs: Spire, Momentous, Rocketab,
Redwire, and BlackSky. The three pending Infrastructure SPACs are
expected to add an additional $1.4B to the target companies’ balance
sheets by the end of 2021, including $0.4B of equity investment through
PIPEs.
Investors liquidated $3.6B through 14 Infrastructure exits in Q3 which
included the closing of six SPACs merging with Infrastructure companies.
The largest exit this quarter was Yahsat’s $0.7B IPO. Two notable acquisition
exits were Seakr Engineering’s acquisition by Raytheon, and SpaceX’s
acquisition of Swarm Technologies. Nearly all of the Infrastructure exits
over the past decade have come in the form of acquisitions, but SPACs
have increasingly become an alternate path to exit YTD. Three more
Infrastructure SPACs are expected to close in Q4 of 2021, which could add
another $1B to the exit tally for the year.
While only a fraction of total capital invested, early-stage rounds have
accounted for 74% of total equity rounds. Early stage pipeline has begun
to shift from Small Launch to Earth Observation and Communications
Satellites, particularly focused on SAR, RF, hyperspectral, and IoT
capabilities.
$5.0 B
$15 B
$20 B
$10 B
$0.0 B
Seed Series A Series B Series C Other5
Late Stage4
BY STAGE • CUMULATIVE INVESTMENT AMOUNT
TOP DEALS IN THE QUARTER EXITS BY SECTOR
BY STAGE • CUMULATIVE ROUND SHARE
COMPANY ROUND AMOUNT
ORBCOMM Public to Private $1,100 M
OneWeb Corporate $550 M
Rocket Lab PIPE $467 M
Spire PIPE $245 M
ICON Technology Series B $207 M
Hawkeye360 Series D $200 M
BlackSky Global PIPE $180 M
Isar Aerospace Series B $166 M
Momentus Space PIPE $110 M
Redwire PIPE $100 M
$10 B
$25 B
$20 B
$15 B
$5 B
$0
L
a
u
n
c
h
S
a
t
e
l
l
i
t
e
s
B
i
o
s
p
h
e
r
e
s
I
n
t
e
r
p
l
a
n
e
t
a
r
y
I
n
d
u
s
t
r
i
a
l
s
I
n
f
o
&
R
e
s
e
a
r
c
h
Seed
Series A
Series B
Series C
Late Stage3
Other4
58%
16%
9%
4%
3% 10%
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
7
6
Satellites
586 rounds
Launch
306 rounds
M
a
n
u
f
a
c
t
u
r
i
n
g
&
C
o
m
p
o
n
e
n
t
s
2
5
6
r
o
u
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d
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C
o
m
m
u
n
i
c
a
t
i
o
n
s
1
1
8
r
o
u
n
d
s
Earth Observation
161 rounds
S
m
a
l
l
L
a
u
n
c
h
2
4
1
r
o
u
n
d
s
Heavy Launch
35 rounds
Medium Launch
21 rounds
Launch Brokerage
6 rounds
Spaceport Operations
3 rounds
Positioning,
Navigation,
Timing
17
rounds
I
n
d
u
s
t
r
i
a
l
s
4
2
r
o
u
n
d
s
I
n
f
o
r
m
a
t
i
o
n
&
R
e
s
e
a
r
c
h
4
7
r
o
u
n
d
s
Logistics 49 rounds
Media & Education 53 rounds
In
t
e
r
p
la
n
e
t
a
r
y
3
6
ro
u
n
d
s
Biosph
eres
26
rounds
5. “Other” includes Foundations, Private Equity, Sovereign Wealth Funds, Mutual Funds, Crowd Platforms.
6. “Other” consists of countries which each represent less than 1% of funding.
7. See industry segmentation chart.
$43.6B
TOTAL EQUITY INVESTMENT SINCE 2012
L
o
g
i
s
t
i
c
s
150
200
100
50
0
Industrials
Info & Research
Launch
Logistics
Media & Education
Satellites
Number of Rounds
Number of Rounds
$0
$6 B
$4 B
$2 B
$40 B
20
25
15
10
5
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
Hardware and software to build, launch, and operate space-based assets
5. ANNUAL INVESTMENT SOURCE
BY SECTOR • CUMULATIVE INVESTMENT AMOUNT
CUMULATIVE INVESTMENT GEOGRAPHY
BY SECTOR • CUMULATIVE ROUND SHARE
Angel/Individual
Venture Capital
Corporate
Other6
Positioning,
Navigation, Timing
Earth Observation
Communications
70%
21%
5%
2%
1%
1%
China
USA
UK
South Korea
Israel
Canada
Other8
$0
$6 B
$4 B
$2 B
Another $0.1B was deployed across nine rounds in Q3 driven by venture
capital investors. There has now been $15.8B invested in Distribution
companies across 149 rounds over the last 10 years. Investment at
this layer of the stack includes hardware and software to connect and
process data for hundreds of terrestrial use cases.
U.S. and Chinese companies have attracted the majority of capital
within Distribution since 2012, accounting for 21% and 70% respectively.
The majority of investment in this stack has gone to U.S. companies
specializing in Communications. . This includes KORE Wireless, a provider
of CaaS (Connectivity-as-a-Service) and emerging players like Skylo
Technologies, a company using GEO satellites to provide ubiquitous IoT.
Investment in Chinese Distribution companies has largely specialized in
PNT. This includes AutoNavi, a provider of ubiquitous digital map content
and navigation and location-based software for in-car navigation systems
and Qianxun SI, a leading high-precision positioning service provider.
Since 2012, 79% of investment in Distribution has gone to companies
that specialize in PNT, followed by Communications with 19%. As Starlink
prepares to launch commercial services in Q4 using a full stack solution,
OneWeb and SES are forming strategic partnerships with Intellian and
Isotropic to unlock distribution and drive down terminal costs.
Similar to investment dollars, Comms and PNT account for 87% of
all investment rounds in Distribution since 2012. Earth Observation
represents a larger percentage of rounds than capital (13% vs. 1%),
indicating a nascent sector with more early-stage activity. This activity
includes SkyWatch, a company that provides a digital infrastructure for
the distribution of Earth Observation data and Rendered.ai, a company
that provides data engineering tools for proveable AI.
Since 2012, 56% of capital in Distribution has been invested in Late
Stage and Other rounds. Early stage companies over that same period
received just 7% of capital. Investments at this layer of the stack are
becoming more software and big data oriented.
The top three deals in Q3 accounted for 77% of the total investment in the
quarter. Isotropic Systems, a Space Capital portfolio company developing
the world’s first multi-orbit, high-bandwidth, low power SatCom terminal,
raised a $35M Series C while Blues Wireless, provider of a secure data
pipe for IoT data and devices , raised a $22M Series A. The two pending
Distribution SPACs, KORE wireless and NextNav, are expected to add an
additional $892M to the target companies’ balance sheets by the end of
2021, including $430M of equity investment through PIPEs.
Early-stage rounds account for 68% of the total s in Distribution
since 2012. This may suggest a more nascent ecosystem and higher
experimentation as Communications and Earth Observation slowly
unbundle, similar to PNT.
$6 B
$4 B
$2 B
$0
Seed Series A Series B Series C Other5
Late Stage4
BY STAGE • CUMULATIVE INVESTMENT AMOUNT
TOP DEALS IN THE QUARTER EXITS BY SECTOR
BY STAGE • CUMULATIVE ROUND SHARE
COMPANY ROUND AMOUNT
Isotropic Systems Series C $35 M
Blues Wireless Series A $22 M
HySpecIQ Crowd $20 M
Geosite Series A $5 M
Oriient Series A $5 M
R3 IoT Seed $4 M
Rendered AI Seed $4 M
Syook Series A $1 M
Smartvel Pre seed $1 M
$5 B
$10 B
$15 B
$0
Positioning,
Navigation, Timing
Earth
Observation
Communications
47%
40%
13%
Seed
Series A
Series B
Series C
Late Stage3
Other4
46%
22%
12%
4%
7%
10%
9
8
8. “Other” consists of countries which each represent less than 1% of funding.
$15.8B
TOTAL EQUITY INVESTMENT SINCE 2012
Number of Rounds
40
20
$0
$3 B
$2 B
$1 B
$4 B
$5 B
10
5
0
Communications
Earth Observation
Positioning, Navigation, Timing
Number of Rounds
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
Investors liquidated $714M in one Distribution exit in Q3: long-time
satellite communication company Marlink was acquired by a private
equity firm. Since 2012, 59% of Distribution exits have come in the form
of acquisitions with nearly all exits (98%) occurring in the Comms and
PNT sectors. PNT was particularly attractive to acquirers in 2014 and
2015 for its exposure to Location Based Services. Over the past couple
of years, Comms acquisitions have become more common as investors
seek exposure to IoT.
Distribution
Hardware and software to connect, process, and manage data from space-based assets
6. $50 B
$100 B
$150 B
$0
Positioning,
Navigation, Timing
Earth
Observation
Communications
ANNUAL INVESTMENT SOURCE
BY SECTOR • CUMULATIVE INVESTMENT AMOUNT
CUMULATIVE INVESTMENT GEOGRAPHY
BY SECTOR • CUMULATIVE ROUND SHARE
United States
China
Singapore
Indonesia
India
UK
Canada
Colombia
Other9
Another $4.7B was invested across 59 Application rounds during Q3,
which was dominated by mega-rounds in PNT. There has now been
$171.7B invested into 1,023 Application companies over the past 10
years, bringing Location-Based Services to the masses through ride-
hailing, on-demand delivery, and micro-mobility. The majority of
investment in the quarter (55%) came from Venture Capital.
U.S. companies continue to attract the largest share of Applications
investment, accounting for 44% of the total since 2012. China closely
follows the U.S. with 32% of total Application investment, as a result of
the country’s e-commerce and location-based services boom.
Capital continues to be heavily concentrated in the PNT sector, accounting
for 93% of total Q3 investment at this layer of the stack and driven
primarily by investment in Location-Based Services, accounting for 83%
of the total Q3 investment. Applications attracted significant investment
globally during the past year in response to COVID-19, particularly in the
on-demand delivery and ride-hailing segments, a trend that continued
in Q3 as consumers demand faster deliveries and more precise location
updates.
PNT also accounts for the vast majority (77%) of all Application rounds
since 2012. Earth Observation (EO) represents a much larger percentage
of rounds than capital (21% vs. 3%), indicating early-stage activity and the
potential for significant innovation. Several examples include Regrow,
a Space Capital portfolio company building the analytics engine for the
agriculture value chain and Pachama, a company providing remote
verification and monitoring for carbon credits.
Investment in Applications continues to be concentrated in Late Stage
deals (61%), as companies stay private longer and require larger
amounts of capital to continue scaling operations.
The top 10 deals in Q3 accounted for $4.2B (88%) of Applications
investment for the quarter with the largest round, a $1B round into
GoPuff, a consumer goods and food delivery service operating out of
Philadelphia, and the second largest round going to Bolt, a rideshare
and food delivery service based in Estonia who raised a $0.7B Series H.
The three pending Applications SPACs are expected to add an additional
$5.4B to the target companies’ balance sheets by the end of 2021,
including $4.3B of equity investment through PIPEs.
Investors liquidated $1B in seven Applications exits in Q3. The largest
three exits are all acquisitions of U.S. companies, which include Azuga, a
company that develops connected vehicle software and tools, Bear Flag
Robotics, a company that developed self-driving tractor technology, and
Convey, a company that developed supply chain management software
designed for retailers. There are a significant number of late-stage
Applications companies that have raised mega-rounds recently and we
anticipate large exits in the near future.
Early-stage rounds in Applications have represented 67% of the total
since 2012, suggesting relatively greater success attracting follow-on
funding than Infrastructure and Distribution.
$40 B
$80 B
$100 B
$60 B
$20 B
$0
Seed Series A Series B Series C Other5
Late Stage4
BY STAGE • CUMULATIVE INVESTMENT AMOUNT
TOP DEALS IN THE QUARTER EXITS BY SECTOR
BY STAGE • CUMULATIVE ROUND SHARE
COMPANY ROUND AMOUNT
GoPuff Series H $1,000 M
Bolt Series H $710 M
Caocao Mobility Series G $586 M
Rappi Series F $500 M
Ola Series I $500 M
Shield AI Series D $210 M
Voi Series D $205 M
Ola Electric Mobility Series D $200 M
Daangn Market Series D $157 M
Airlift Technologies Series B $85 M
77%
21%
2%
Seed
Series A
Series B
Series C
Late Stage3
Other4
47%
20%
6%
11%
8%
9%
11
10
9. “Other” consists of countries which each represent less than 1% of funding.
$171.7B
TOTAL EQUITY INVESTMENT SINCE 2012
44%
32%
5%
4%
3%
2%
1%1%
8%
Positioning,
Navigation, Timing
Earth Observation
Communications
Angel/Individual
Venture Capital
Corporate
Other6
$0
$20 B
$30 B
$10 B
$40 B 400
200
300
100
Number of Rounds
Communications
Earth Observation
Positioning, Navigation, Timing
Number of Rounds
$0
$20 B
$60 B
$40 B
$80 B
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
20
30
10
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
Applications
Specialized software that utilizes data from space-based assets