EnduroSat raises $104 million to scale production of larger small satellites

TAMPA, Fla. — Bulgaria’s EnduroSat announced another $104 million in venture capital funding Oct. 30 to scale up its small satellite manufacturing capacity.

The company has now raised more than $150 million since it was founded in 2015, including about $49 million in May to expand from producing a little over a dozen cubesats per month to building two 200-500-kilogram Gen3 Endurance spacecraft per day.

The extra funds will help ramp up production at a recently opened 17,500-square-meter facility in Sofia, Bulgaria’s capital. EnduroSat said the expansion will support growing demand for small- to mid-sized satellite constellations, ranging from dozens to hundreds of spacecraft.

“Our Gen 3 avionics are already successfully accumulating flight heritage in orbit,” EnduroSat CEO Raycho Raychev said via email, after earlier outlining plans to fly two validation missions for the platform this year.

He added that initial customer flights for the platform are expected early next year, but did not provide details.

Early-stage investors Riot Ventures, Google Ventures, Lux Capital and Shrug Capital participated in the latest funding round, alongside the European Innovation Council Fund, a European Union-backed accelerator.