Singapore spacetech firm NuSpace secures seed funding from Beenext

NuSpace, which provides internet-of-things connectivity and data platform services from space using nano-satellites, has secured an undisclosed amount of seed funding from Japan-based venture capital firm Beenext.

Photo credit: NASA / Unsplash

The funding will help NuSpace build a constellation of nanosatellites to bring IoT connectivity to places deemed economically unfeasible, such as in the middle of the ocean, the company said in a statement.

It plans to launch a technology demonstration satellite by the end of 2020 and complete the deployment of the constellation by the end of 2022.

NuSpace, which is a spinoff from the National University of Singapore, was founded by Ng Zhen Ning and Luo Sha, who are researchers at the NUS Faculty of Engineering.

The company was backed by Singapore-based Origgin at the very early stage. It was also incubated under the NUS Graduate Research Innovation Program, where it received seed funding of S$100,000.

NuSpace believes that nanosatellites will be an important tool for government agencies and commercial companies that need connectivity in remote areas. It’s a lower-cost solution and requires a shorter time for design and building.

The technology will also be useful for applications such as tracking of livestock, maritime shipment, and management of agriculture-tech devices, the company said.

NuSpace is Beenext’s first investment in a spacetech startup, according to the statement. Beenext said that to date, it has been backing various data platforms such as ecommerce marketplace, fintech, healthtech, and agritech, which are empowered by fast penetration of data connectivity with mobile phone networks.