The Exploration Company (TEC), a European space startup, has raised over $160 million in a Series B funding round. The round was led by venture capital firms Balderton Capital and Plural, with participation from French and German government-backed investment vehicles. TEC plans to use the funds to develop its reusable space capsule, Nyx.
Nyx is designed to transport astronauts and cargo to space stations and can be launched from rockets into space. Once it delivers its payload, Nyx can re-enter Earth’s atmosphere for reuse on subsequent missions. Hélène Huby, founder and CEO of TEC, sees a growing market for space missions.
“It’s a big market, and it’s growing at more than 10% per year as more nations want to fly their astronauts and go to the moon,” Huby stated.
Funding boosts Nyx capsule development
“There is an increased demand for sending people and cargo to space stations.”
TEC aims to provide an alternative to SpaceX’s Dragon capsule and competitors from China and Russia.
“We wanted to build this capability in Europe so that Europe can have its own capsule and the world has an alternative to SpaceX,” Huby added. The company is currently developing the second version of Nyx, with a launch planned for next year. The final version, set for 2028, will receive partial funding from the European Space Agency.
TEC has already signed $800 million in contracts to use its capsules, including agreements with companies like Starlab and Axiom Space. Huby sees TEC playing a significant role in bringing cargo back to Earth from space missions. “This is also where we believe our vehicle will play an essential role,” she stated.
The Exploration Company’s successful funding round positions it as a key competitor in the growing space industry, addressing the global need for versatile and reusable space transportation options.
