Profitable satellite startup SWISSto12 secures $70M Series C for multi-orbit push — TFN

• SWISSto12 raised $70 million in a Collection C spherical simply days after securing $84.8 million from ESA member states, bringing collectively non-public and authorities funding concurrently.
• The Renens-based satellite tv for pc firm reached constructive EBITDA in 2026, earned $140 million in income in 2025, and has grown at a 110% annual charge since 2022. This degree of profitability is uncommon for an area {hardware} startup at this level.
• The corporate now has over $500 million in signed contracts, seven HummingSat GEO offers with operators like SES and Viasat, and greater than 2,000 HummingLink payloads already in orbit.

Most area {hardware} startups elevate cash as a result of they’re dropping cash, however SWISSto12 raised $70 million in a Collection C spherical whereas staying worthwhile. The corporate didn’t identify the person traders or disclose its post-money valuation, however confirmed that each new and returning traders participated.

The Renens-based satellite tv for pc and payload maker confirmed it reached constructive EBITDA in 2026, had $140 million in income in 2025, and grew at a 110% annual charge since 2022.

SWISSto12 was based in 2011 as a spin-off from Switzerland’s EPFL by Emile de Rijk. It’s headquartered in Renens close to Lausanne, with further places of work within the US and EMEA. The corporate employs roughly 224 individuals.

What SWISSto12 builds

SWISSto12 has two important merchandise: HummingSat, a small geostationary satellite tv for pc that’s about one-tenth the scale of normal GEO satellites, and HummingLink, that are multi-orbit payloads and antennas positioned on different corporations’ satellites in LEO, MEO, and GEO.

Each merchandise use the corporate’s patented 3D-printing course of for RF {hardware}, making them lighter and sooner to provide than conventional elements. For instance, a HummingSat might be launched alongside an even bigger satellite tv for pc, so operators can add regional capability without having a full satellite tv for pc bus.

This technique has appealed to established operators as an alternative of attempting to interchange them. SWISSto12 has signed seven HummingSat contracts, together with offers with SES and Viasat, that are markets normally dominated by massive corporations like Boeing, Airbus, or Thales Alenia Area.

The closest direct competitor is Astranis, a US firm that makes comparable small GEO satellites and has raised about $1.2 billion up to now, together with a $300 million Collection E and a $155 million debt spherical.

Astranis primarily works with US authorities and defence contracts, whereas SWISSto12 focuses on business telecom operators and European authorities packages. This makes SWISSto12 extra much like its Finnish competitor, ReOrbit, which additionally targets European authorities and defence markets.

A sovereign and personal capital mixture

The Collection C spherical got here after SWISSto12 lately acquired $84.8 million from ESA member states, together with Switzerland, Germany, Austria, Sweden, Norway, and Canada, via the HummingSat ARTES partnership mission. Collectively, these two rounds introduced in over $150 million in new capital in only one month.

This sample, with authorities assist adopted quickly after by a non-public funding spherical, can be seen elsewhere within the European area sector. For instance, ICEYE is seeking a valuation above €2.4 billion as demand for satellite tv for pc intelligence grows.

The brand new funding will assist the corporate enhance its manufacturing and integration capability to maintain up with rising demand from each business and authorities clients. This consists of HummingLink’s multi-orbit payloads and the HummingSat line. Over 2,000 HummingLink models are already in use on missions in Europe and the Asia-Pacific area.

Fredrik Gustavsson, SWISSto12’s chief monetary and technique officer, says, “The monetary image at SWISSto12 is strong and primed for international development. $140 million in income for 2025, greater than $500 million in buyer contracts, and a 110% compound annual development charge since 2022. These are the alerts of an agile enterprise, deploying capital effectively, and working at scale in a fast-growing business. This Collection C accelerates us additional to fulfill robust demand from an area, satellite tv for pc and telecommunications market that’s evolving and rising at tempo.”

De Rijk emphasises the breadth of the corporate’s choices: “On this increasing market, our options throughout payload and satellite tv for pc strains are creating vital new alternatives for patrons. Our merchandise are supporting thrilling new buyer missions—from direct-to-device connectivity to media broadcasting, intersatellite information relays or sovereign communications infrastructure—lots of which span a number of orbits. ”

Why the market issues

The multi-orbit satellite tv for pc communications market that SWISSto12 is concentrating on was price $7.8 billion in 2025 and is predicted to develop to $31.6 billion by 2035, with a 14.8% annual development charge. Most of this development comes from authorities and defence consumers who need dependable communications that don’t rely on only one orbit or operator.

It’s nonetheless unclear if providing any payload, any platform, any orbit offers SWISSto12 an actual edge or is only a option to cowl its bases. GEO order volumes have dropped throughout the business as LEO constellations take over extra broadband and maritime contracts.

SWISSto12 is engaged on each the shrinking GEO substitute market and the rising multi-orbit defence market. Ultimately, whether or not this two-pronged strategy beats better-funded, defence-focused rivals like Astranis might matter greater than the fundraising itself.