constellr, a leading company in high-precision space-based thermal intelligence, has closed a €37M Series A funding round, one of the most significant transactions in the European space sector to date.
The round was led by Alpine Space Ventures (a fund backed by former SpaceX executives) and Lakestar, with prominent participation from European asset manager Cardumen Capital, based in Madrid, alongside Semapa Next, Bayern Kapital, Cooperative Ventures and Kineo Finance, and with strong continued support from existing investors such as Vsquared, CosmiCapital, Fraunhofer Technologie-Transfer Fonds and the EIC Fund.
The funds will be used to accelerate the expansion of constellr’s operational thermal intelligence capabilities. With this technology, constellr fills a critical gap in Europe’s intelligence, surveillance and reconnaissance (ISR) architecture by providing the third essential pillar: behavioural intelligence. Its high-precision thermal layer makes it possible to understand what assets are doing and why, complementing the structural information provided by radar and the visual classification of optical imagery.
In an increasingly complex geopolitical environment, constellr directly contributes to strengthening Europe’s strategic autonomy and resilience by providing sovereign control over critical intelligence. The company is currently the only operational provider of high-resolution infrared thermal data headquartered in the European Union, with levels of precision unmatched in the commercial sector.
constellr’s technology enables early detection, independent verification and reliable analysis of activity in contested or deliberately opaque environments. Its capabilities make it possible to identify concealed operations, monitor non-cooperative assets and anticipate strategic movements even where conventional observation systems prove ineffective.
The capital raised will be allocated to expanding the satellite constellation to improve global coverage, developing next-generation platforms with resolutions below five metres, and ensuring sovereign, secure and scalable data control for national defence customers and allied partners.
Dr Max Gulde, CEO and co-founder of constellr, stated: “Sovereign resilience requires understanding real activity on the ground, not just identifying objects. Thermal intelligence provides the earliest and most reliable signal of operational change — from activity at air bases to the detection of hidden industrial infrastructure. Europe must have this capability independently. constellr is already delivering operational intelligence today, and this round accelerates our evolution towards a fully capable defence-grade system.”
About constellr
constellr is Europe’s leading provider of high-precision infrared thermal intelligence for Earth monitoring from space. Through its Constellation-as-a-Service (CaaS) model, constellr delivers accurate land surface temperature measurements with high-resolution and high-sensitivity data, enabling early detection of trends and anomalies across sectors ranging from defence and security to critical infrastructure and urban dynamics. Its cryogenic sensor technology and fully European supply chain ensure sovereign data control and support for institutional clients, national agencies and strategic allies.
About Cardumen Capital
Cardumen Capital is an alternative investment manager regulated by Spain’s CNMV, specialising in private markets with a focus on high-growth technology companies. Chaired by Gil Gidron and founded by Gonzalo Martínez de Azagra and Igor de la Sota in 2018, the firm combines more than 15 years of experience in technology, innovation and disruptive investment. Cardumen Capital manages over €300 million in assets and has a track record of more than €400 million invested, backed by top-tier institutional investors, corporations, pension funds and family offices. Its presence spans Europe, the Middle East and Asia, with a strong focus on long-term value creation and supporting companies in their growth stages
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