Neuraspace has raised financing for sensor infrastructure as well as the company’s growth strategy with the support of PRR – the Recovery and Resilience Plan and NextGeneration EU Funds.
After having raised 2,5 million euro from investors in Portugal, with these 25 million euro , Neuraspace now takes a decisive step to establish itself as a key player in STM with a solution that is already being used by satellite operators which plan to significantly increase the presence of their satellites in space.
Morgan Stanley forecasts the space industry, which is today at $350 billion, to top 1 trillion dollars by 2040. However, this growth is threatened by space debris and an increasing number of active satellites. Satellite operators already pay the price, with a deluge of alerts, most of them false, and therefore performing unnecessary maneuvers. With an emergency maneuver in LEO costing 25,000 euros, a 300-satellite constellation may receive about 580 alerts per year requiring human intervention and satellite maneuver, costing 14 million euros per year. To address these problems, current approaches face serious challenges:
(1) Lack of data on space debris
(2) High number of false alerts and a large uncertainty
(3) Lack of scalability and automation for an increasing number of assets
Neuraspace is the first AI / ML (Artificial Intelligence / Machine Language) platform addressing these New Space challenges. Our customers are satellite operators facing these challenges to perform space operations, and other stakeholders in need of these services (e.g insurance providers for satellite operators, software providers and regulators). This endeavor will allow the company to acquire sensor infrastructure (radars) and boost the company growth and product development.
The product is a SaaS (Software-as-a-Service) built on three key pillars…
(1) Data Fusion: a persistent and reliable data source with the acquisition of radars infrastructure allowing Neuraspace to have a living catalogue of the objects which the radars are able to track and a catalogue of conjunctions.
(2) AI + ML, the key to automate complex decision processes.
(3) Maneuvering Automation: an end-to-end automated 24/7 AI-enabled collision risk prediction with informative insights based on operator constraints and priorities.
The project’s consorcia englobes, in addition to Neurspace, GMV as end user and four research partners (Instituto pedro nunes, Universidade Nova de Lisboa, Universidade de Coimbra and Instituto Superior Técnico)
According to Chiara Manfletti, Chief Operations Officer (COO) at Neuraspace, “Our Data fusion and AI approach and technology are a key differentiator to our competitors and a major benefit to our customers. This milestone is a very important step in strengthening both of these pillars. Neuraspace is set out to be a European-born global star in Space Traffic Management and PRR will accelerate us on our path to providing a benchmark Space Traffic Management solution which will ensure that the Space economy can actually grow to be the 1 trillion USD market that it is projected to become in 2040.”