SG space tech startup SpeQtral raises $3.3m in new funding round

Ocean clouds seen from space. Source: NASA

Singapore-based space-tech startup SpeQtral has raised $3.3 million in a new funding round led by investment firm Xora Innovation, according to regulatory filings accessed by DealStreetAsia – DATA VANTAGE.

Xora Innovation is the deep science investment arm of Singapore state investor Temasek Holdings. It seeks to invest in early-stage deep tech ventures to accelerate their path to market.

SpeQtral last raised $1.9 million in its seed funding round in 2019 led by Space Capital, the $25-million seed-stage venture fund of Space Angels, with the participation of other investors including Shasta Ventures, Golden Gate Ventures and SGInnovate.

In its latest round, Xora Innovation invested $1.9 million while existing investors Space Capital and SGInnovate put in $263,000 and $507,000, respectively. Other investors include K9 Industries, TIS Inc, and NUS Technology Holdings.

Formerly known as S15 Space Systems, SpeQtral is developing space-based, quantum communication built on technologies developed at the Centre for Quantum Technologies (CQT) at the National University of Singapore (NUS).

The team has developed technologies that harness the properties of quantum physics to enable encryption methods that can secure communications with forward security.

Space technology represents a small but emerging segment among the venture capital community in the Asia Pacific.

Among major deals in the sector, Tokyo-based lunar exploration company ispace raised $46 million in a Series C round this month led by Incubate Fund.

In June this year, Australian space technology company Gilmour Space Technologies had raised A$61 million (about $47 million) in a Series C funding round, marking the largest private equity investment raised by a space company in Australia.

Last year, Singapore-based space technology startup Transcelestial raised $9.6-million in its Series A round and another $2 million early this year. In 2019, another Singapore-based space technology startup Aliena secured $1.1 million in a funding round backed by Silicon Valley-based VC firm 500 Startups.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.