European satellite manufacturer NewOrbit has closed a $18.5m (£13.9m) Series A round to open near-Earth orbits to commercial space flights. The company is building craft for Very Low Earth Orbit (VLEO), a band of space at 200-300km above the ground historically reserved for spy satellites and the International Space Station.
By flying closer to Earth, its satellites deliver drone-resolution imagery and direct-to-phone connectivity at a fraction of the cost of conventional constellations. The oversubscribed round was led by Voyager Ventures, with participation from angel investors such as former chief scientist at NVIDIA David Kirk, co-founder and former CEO of TIER Mobility Lawrence Leuschner, and family office Custos. Atlantic.vc, Lifeline Ventures, LGF and Illusian also continued their backing.
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Building a production complex for low-orbit platforms
The capital will fund construction of its NEO Production Complex, scheduled to open in 2027. The facility will integrate its first commercial satellite for launch in 2028, then ramp from an initial capacity of ten craft a year to several a week at full pace. That launch will mark the first time commercial customer payloads have been flown between 200-300km above ground, according to the company.
“For sixty years, VLEO has been treated as too hostile an environment for commercial satellites – but it is in fact the most valuable empty real estate in space,” says Anatolii Papulov, CEO and co-founder of NewOrbit. “Today, no one in the industry has a reliable, affordable and fast way to fly payloads in very-low Earth orbit.”
“We built our NEO-1 satellite to do exactly that.”
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In April, space tech investment group Seraphim Space established its Global Space Futures Advisory Council to address strategic, commercial and geopolitical opportunities facing the sector. The council’s formation signals growing institutional interest in space infrastructure, though it remains unclear how quickly projects in this orbit will attract broader investment. Some analysts note that operating at such low altitudes presents real engineering hurdles. Craft in this orbit face significant atmospheric drag and require frequent orbital adjustments to stay aloft. That means they need more propulsion — which adds weight, cost, and complexity. Whether the firm’s approach can overcome those constraints at scale is something the industry will watch closely as the 2028 launch target approaches.
The firm’s NEO-1 satellite design aims to balance those demands with lower launch costs and higher revisit rates. Being closer to Earth also cuts signal latency for communications, a selling point for direct-to-phone services. But the technical margins are thin, and commercial customers will want proof that payloads can survive the environment for useful periods. Its Series A gives it a runway to build the production complex and complete the first flight unit. If the 2028 mission succeeds, it could unlock a layer of space that has long been off-limits to private operators. If it stalls, the sector’s low-orbit ambitions may have to wait for another round of engineering breakthroughs.
