The Exploration Company (TEC) was founded in 2021 by Hélène Huby and a team of experienced managers from Airbus and ArianeGroup. The company designs, manufactures, and operates spacecraft to meet the growing demand for low-cost transportation from space stations and space exploration. At the beginning of 2023, the company secured 40.5 million euros in a Series A round, now follows a successful Series B of 150 million euros.
The Nyx space capsule, developed by TEC, is intended to transport cargo and eventually humans into space in the future to supply space stations and conduct long-distance research missions. The spacecraft is designed to be reusable and capable of in-orbit refueling. Furthermore, Nyx is being developed independently of launch vehicles, allowing it to be launched using various rockets.
“98 percent of our investors are European”
Hélène Huby, Co-founder and CEO of The Exploration Company, says:
"The size of this financing round not only reflects the enormous capacity of our team. It also demonstrates that building global companies with European roots is only possible by fostering trust and cooperation between European countries. 98 percent of our investors are European. This underscores the continent's willingness to finance bold entrepreneurship. Space travel will play a crucial role in shaping the future of humanity. I want to help create a peaceful and cooperative future. Our European DNA at TEC is a perfect fit for this mission."
She continues:
"Over the past year, we have achieved important operational and financial milestones and signed significant contracts with both space agencies and leading commercial customers. This new financing is the next step in realizing our ambitions. I am delighted to welcome Plural, Balderton Capital, NGP Capital, and Bessemer to our journey together with our existing investors. Their support and commitment will be crucial in taking another significant step closer to our launch of Nyx Earth and building a leading European space company."
TEC is the first European company to successfully conclude a Space Act Agreement with NASA. This year, the company also achieved another important milestone by winning the competition to build the first European spacecraft for the European Space Agency (ESA) and receiving a contract. TEC is now on track to launch the medium-sized "Mission Possible" capsule with a payload of 300 kg in 2025. The first flight of "Nyx Earth," which will transport cargo to the International Space Station (ISS), is scheduled for 2028.
New era of European space sovereignty
David Thévenon, Partner at Balderton Capital, is also pleased with the completed financing round:
"We are delighted to support Hélène and the entire team with this funding round. With her unparalleled expertise and visionary approach, The Exploration Company is poised to redefine European leadership in space exploration. Their mission to make space exploration more accessible and sustainable promises to unlock unprecedented opportunities in space not only for Europe but also for the future of humanity. We can't wait to be part of this journey into a new era of European space sovereignty—an era that will fundamentally change our understanding of what is possible beyond Earth."
And Khaled Helioui, partner at Plural, adds:
"From my perspective, TEC brings incredible qualities to the table. As an investor, I don't see something like this every day. The company operates in a huge market where demand for space transportation solutions drastically exceeds supply. TEC operates in a region that has seen institutional investment for decades. And in a political environment where decision-makers know that European solutions in space are urgently needed to protect critical assets. At the helm is a female founder who can be expected to replicate the kind of value creation we've seen with the commercialization of space travel in the US. All of this adds up to a near-perfect combination of ingredients for long-term success."
