QuadSAT secures more than DKK 5 million investment and exits the Hub
The barely two-year-old drone startup has secured more than DKK 5 million in investment thanks to Seraphim Capital, Danish Growth Fund (Vækstfonden) and private investors. QuadSAT left Odense Robotics StartUp Hub only two weeks ago and is already off to a promising start.
QuadSAT entered the StartUp Hub 14 months ago and is a great example of how capable Denmark is of developing global drone companies. The startup has developed a unique drone platform with the potential to radically transform the global satellite communication industry. A faster, more flexible and far cheaper way to ensure optimal and secure satellite communication on ships, planes, cars and other modes of transport ̶ this is what the company offers the international market.
“QuadSAT is the first drone company to exit the Odense Robotics StartUp Hub. The fact that they have secured substantial investments twice is a notable achievement, especially attracting international investors so soon after their establishment. The global drone market is less mature than the robotics industry, but drones are rapidly gaining on their more traditional cousins, with new applications arising daily. Odense Robotics is thrilled on behalf of QuadSAT and we know their contribution will solve a myriad of challenges for their customers. They have the potential to be a powerhouse in the drone industry,” says Ernest Fuller, Business Developer at Odense Robotics StartUp Hub.
High-speed, secure satellite connections are critical to communication and navigation used in various aerial, naval and defence industries. This is why systems are always tested and calibrated before operation. Current procedures are vastly time consuming and expensive. QuadSAT’s drone platform enables autonomous testing and calibration of satellite and VSAT antennas while reducing interreference that could impair satellite communication.
Due to the potential for large savings as well as higher quality drones, QuadSAT is already in dialogue with potential collaborators and customers – long before the company plans to launch their product on the market. Indeed, QuadSAT’s latest investment from venture fund Seraphim Capital is the fund’s first ever pre-seed investment, while the international organisation Global VSAT Forum recently updated their guidelines and now recommend the entire VSAT industry to use QuadSAT’s methods when testing antennas.
StartUp to take on the world
QuadSAT currently employs seven people besides CEO Joakim Espeland. And thanks to the acceleration of the commercial and technological development of their drone platform over the last 14 months, they are now ready to build their presence on the international market. Their time in the StartUp Hub has been instrumental to their growth journey.
”Odense Robotics StartUp Hub has been crucial to QuadSAT’s development. Being in the Hub meant that we could accelerate our organisational development and growth while collaborating and consulting with skilled Hub partners. It also had an impact on the increase of our network, which is an important factor in our success. We are excited about our next steps in the drone industry,” says Joakim Espeland, CEO & Founder of QuadSAT.
It’s full steam ahead for the company who has no plans of slowing down. When asked where Espeland sees the company within the next year, he replies:
“We now have the seed capital to go from experimental to production, which means that our first customers will get actual drones capable of alleviating industry pain points already within the end of the year. In one year, our prime focus will be to raise A-series investment to expand the market reach globally. And thanks to the latest investment, we can embark on yet another step towards realising our ambition to expand the company with 500 employees over the next 5-10 years.”
About QuadSAT
Founded in March 2017 and having recently set up an office in Harwell, UK, QuadSAT is a Danish company that has developed brand new tools and techniques for testing and calibrating satellite antennas being deployed in high-value maritime and aeronautical markets.
Combining the latest drone technology with a simulated satellite payload and mathematical algorithms, QuadSAT simplifies the requirements for satellite antenna testing, qualification and calibration. In addition, use of QuadSAT’s products reduces vessels and aircraft downtime for such testing procedures, significantly reducing operational expenses.
As well as satellite antenna qualification and calibration, QuadSAT can also be used to identify interference to satellite transmissions with pinpoint accuracy, which is vital to minimize inadvertent or other rogue interference. QuadSAT’s customers include the some of the world’s leading satellite operators, satellite antenna manufacturers, VSAT network operators’ maintenance teams and antenna testing facilities.
About Seraphim Capital
Seraphim Space is the world’s largest specialist space-tech venture fund. We focus on backing both space and aerial platforms collecting and communicating data from above, in addition to the broader enabling technologies that support the full space-tech ecosystem.
The £70m fund has pioneered a multi-corporate venture fund model, harnessing the collective experience and expertise of leading space industry players including the likes of Airbus, SES and Telespazio to provide start-ups the fund invests in with unparalleled access to and guidance from the top echelons of the space sector.
Our team includes entrepreneurs who have scaled space-tech companies to billions of users and $billion-valued exits, alongside experienced venture capitalists who have collectively invested in more than 200 early and growth stage companies.
Learn more about Seraphim Capital here
About The Danish Growth Fund
The Danish Growth Fund is a state investment fund that contributes to the creation of new companies by providing capital and expertise. Since 1992, The Danish Growth Fund has together with private investors co-financed growth in more than 7,300 Danish companies with a total commitment of more than DKK 22.5 billion.
The Danish Growth Fund invests equity and provides loans and guarantees for small and medium-sized enterprises in collaboration with private partners and Danish financial institutions.