Four Business Angels from Venture City Horsens have invested 600,000 DKK in QuadSAT, and this can be an important step forward in the satellite company’s development.
VI STARTER SGU has previously written an article about QuadSAT, owned by the Norwegian Joakim Espeland. Joakim took a Bachelor’s Degree in Mechanical Engineering at VIA University College in Horsens and he developed a startup idea besides his studies. At his job as a satellite engineer, Joakim detected a problem while calibrating satellite communications on ships. This problem could be solved using drone technology. The drone can make the computer system believe that the ship is making a circumnavigation of the globe within a couple of hours – without leaving the dock at all.
The technology has some great prospects because ensuring reliable satellite communications is a question of life or death when crossing the ocean.
Since the last time VI STARTER SGU spoke with Joakim Espeland, QuadSAT has presented the technology and market research to Venture City Horsens’ Business Angels. Four of them (they would like to remain anonymous) have joined forces to invest 600,000 DKK in QuadSAT, thus helping the company take the next step forward in its development.
Heading for Singapore
The capital injection provides the company with some new opportunities.
“We are going to use the money to build a new prototype, which requires more expensive satellite components, special tools and specialised knowledge,” says Joakim Espeland.
Joakim tells us that QuadSAT has already created a primitive prototype, which will be shown at the CommunicAsia fair in Singapore at the end of May. CommunicAsia is a huge meeting spot for technology companies, and QuadSAT is invited to join GVF – Global Vsat Forum – a global network of companies working with satellite communications.
Great help from VIA Student Incubator
The capital injection from Venture City Horsens’ Business Angels marks a milestone in QuadSAT’s development. The startup’s development has also been supported by VIA Student Incubator. It was VIA’s campus environment which offers a mix of education, entrepreneurship and business that initially attracted Joakim to relocate to Horsens for his studies.
“VIA Student Incubator helped us turn an idea into a business. They have helped us with startup tools, consulting and networking events,” says Joakim Espeland.
Since that time, QuadSAT has been based in Bering Startup in Vitus Bering Innovation Park where the preparation for the presentation to Venture City Horsens’ Business Angel has also taken place.
On QuadSAT’s agenda right now is the Singapore trip and the further development of the QuadSAT technology. This development process received a solid support from four local investors from Venture City Horsens.