A new generation of satellites is approaching Earth closer than ever, and Europe aims to lead this technological leap. The Spanish startup Kreios Space, whose technology enables the operation of satellites in very low Earth orbit (VLEO) — a region previously considered unreachable — has closed the largest European investment round in this field, totaling €8 million.
The round was led by the NATO Innovation Fund and JOIN Capital, with participation from Grow Venture Partners, Xesgalicia, and Tasivia Global.
Satellites operating between 150 and 400 kilometers in altitude capture images up to three times sharper than current satellites and provide direct broadband connectivity to devices, something that does not yet exist today.
Founded in 2021 by Adrián Senar, Jan Mataró, Francisco Boira, Adrià Barceló, Max Amer, and Francisco Bosch, Kreios develops VLEO satellites using its proprietary Air-Breathing Electric Propulsion (ABEP) technology, which allows them to capture atmospheric air and use it as fuel. This enables satellites to remain in orbit for years instead of days, opening opportunities with major implications for defense, connectivity, and technological sovereignty.
VLEO satellites capture images with three times the resolution of current satellites, benefiting applications ranging from wildfire detection to critical infrastructure protection. Their proximity to Earth also allows for direct broadband communications without bulky antennas, paving the way for truly global and resilient connectivity. For Europe and NATO, mastering this technology strengthens operational independence, reduces reliance on the United States, and supports ambitions to develop sovereign space capabilities.
“We are not just building satellites; we are opening an orbit that was once considered impossible,” says Adrián Senar, CEO and co-founder of Kreios Space. “Very low Earth orbit provides more precise imaging, faster connectivity, and greater independence in space. With this funding, we will demonstrate the technology in orbit and position Europe and Spain at the forefront of this new domain.”
David Ordoñez, Senior Associate at the NATO Innovation Fund, adds: “Kreios’ technology represents a decisive leap into the new frontier of very low Earth orbit. By bringing satellites closer to Earth, it enables high-resolution imaging and direct device connectivity at a level previously unattainable, a critical capability for European security.”
The round follows the €2.3 million raised by Kreios in 2024 and will fund the launch of the first two test satellites, including the first in-orbit demonstration of an ABEP engine. After this phase, the company will move toward the commercial deployment of constellations dedicated to both Earth observation and direct-to-device communications.
Based in Vigo, Kreios has grown in just four years from a laboratory project to a team of 17, backed by European investors and board members with experience at organizations such as Thales, JAXA, and the European Space Agency (ESA).
“Europe cannot be left out of the next orbital economy,” says Tobias Schirmer, founding partner of JOIN Capital. “What excites us about Kreios is the combination of its strategic importance for Europe and the fact that the technology is already mature. VLEO has been a research topic for years and is now ready for real deployment.”
Operating in VLEO also represents a unique opportunity for Spain as a nation. In this context, the CDTI and the Spanish Space Agency (AEE) have already supported the company through the Space Technology Program. With Kreios Space, Spain is positioning itself at the forefront of an increasingly strategic field.
About Kreios Space
Founded in 2021, Kreios Space develops satellites designed to operate in very low Earth orbits (VLEO). Its patented Air-Breathing Electric Propulsion system allows long-term operations below 400 km, enabling ultra-high-resolution imaging and direct broadband connectivity to devices. Kreios is headquartered in Vigo, Spain.
About the NATO Innovation Fund
The NATO Innovation Fund is a €1 billion venture capital fund, backed by 24 NATO allies, investing in European deep tech to address defense, security, and resilience challenges. The fund operates independently, with 24 nations supporting the success of its portfolio and facilitating access to both commercial and government markets for deep tech entrepreneurs.
About JOIN Capital
JOIN Capital is a pan-European early-stage venture capital fund with offices in Berlin, London, and Milan. Since 2017, it has supported founders whose technologies strengthen Europe’s resilience and strategic autonomy through asymmetric technological advantages. Its focus is on deep tech in enterprise, industrial, space, and defense sectors: solutions that reinforce economies, protect critical infrastructure, and create lasting strategic advantage.
About Xesgalicia
Xesgalicia is the private equity and venture capital arm of the Xunta de Galicia, providing capital and convertible loans to companies. It invests through four specialized vehicles with over €300 million in capital, two of which focus on startups and innovative companies from seed to Series A stages.
About Grow Venture Partners and the FITA Fund
Grow Venture Partners is a venture capital fund specializing in technology transfer, investing in early-stage companies emerging from universities and research centers, mainly in deep tech, medtech, and sustainability sectors. Grow manages the FITA fund — an initiative by the Generalitat of Catalonia designed to shorten the gap between research and market — with a diverse and committed team working to create better founders and, together with them, generate sustainable wealth and employment with a positive global impact.
About Tasivia
Tasivia Global is a family office dedicated to supporting high-potential engineering and technology companies. With a long-term perspective, it provides strategic capital and advisory to help founders accelerate growth and foster innovation.
cloud technology axon
This pioneering initiative is designed to support both organic and ino...
