The Exploration Company (TEC) is a European space company developing reusable spacecraft and propulsion technologies. Founded in 2021 by Hélène Huby and a team of aerospace professionals, the company operates across Europe, with major activities in Germany and France.
Its central product is Nyx, a reusable spacecraft designed to transport cargo to orbital destinations and return it safely to Earth. The company is also developing Storm, a high-thrust propulsion system intended to support future reusable heavy launch capabilities.
The wider objective is to create European infrastructure for transportation to and from orbit at a time when demand for commercial space services is increasing.
This post covers:
- A record €450 million September 2026 round
- Building Nyx and Storm
- From early private capital to public-sector support
- What the funding journey shows
- Fundingtrip and Nyx funding roadmap
A record €450 million September 2026 round
September 2026 brought the company’s most significant financing milestone so far.
On 8 September, The Exploration Company announced a $450 million Series C, described as the largest-ever Series C financing announced by a European space company. The round was co-led by Bessemer Venture Partners, Atomico and the Scaleup Europe Fund managed by EQT.
Existing European investors including Balderton, Plural, Cherry Ventures and Red River West also participated.
The new financing brings TEC’s total funding secured since its foundation to approximately $680 million.
The company intends to use the capital to accelerate development of Nyx, including its planned mission to the International Space Station, while also advancing Storm and expanding its industrial base and international workforce.
Building Nyx and Storm
TEC’s funding is closely tied to a product roadmap that requires significant capital.
Nyx is designed as a reusable orbital vehicle capable of carrying cargo to space stations and other destinations before returning to Earth. The company has already conducted technology demonstrations and is moving towards increasingly complex missions.
Storm adds another dimension to the company’s strategy. Rather than focusing exclusively on spacecraft, TEC is developing propulsion technology that could contribute to future European reusable launch systems.
The combination gives investors exposure to a broader space-infrastructure opportunity rather than a single spacecraft programme.
From early private capital to public-sector support
One of the most interesting aspects of TEC’s financing journey is the interaction between private and public funding.
The company initially developed Nyx with private funding. Its early financing included a €5 million seed round in 2021 and a €40 million Series A in 2023. In November 2024, it raised a €150 million Series B.
Public-sector support subsequently became increasingly important as the technology matured. TEC was selected for European space programmes and received support connected to initiatives including France 2030 and the European Space Agency.
In September 2026, ESA signed a service contract with TEC under the ALADDIN programme for an initial Nyx demonstration mission to the International Space Station and two additional cargo missions.
ESA stated that its member states had previously awarded €25 million to each of two selected projects for development of the European cargo-return capability. For the latest mission phase, TEC had secured 40% of the financing for the Nyx demonstration from private investors, with ESA covering the remaining 60%.
This illustrates a powerful model for deep-tech companies: private capital can finance development and demonstrate technical maturity, while public institutions can later become customers, partners or co-financiers.
What the funding journey shows
The Exploration Company’s journey demonstrates why deep-tech funding often develops differently from conventional software financing.
Space hardware requires substantial capital long before a product can generate significant commercial revenue. Investors therefore need confidence in technical milestones, industrial capability and the long-term market.
TEC has progressively combined venture capital, strategic European support and institutional contracts. Its September 2026 Series C shows how achieving technical progress and securing public-sector validation can help a company access substantially larger pools of private capital.
For entrepreneurs in deep tech, the lesson is particularly relevant: the funding roadmap should not be limited to venture capital. Grants, public programmes, institutional contracts and private investment can complement one another at different stages.
Fundingtrip and Nyx funding roadmap
The Exploration Company’s story demonstrates the value of understanding the complete funding ecosystem rather than relying on a single source of capital. Fundingtrip helps entrepreneurs identify relevant funding routes, understand different financing instruments and build a strategy around their company’s stage and objectives. Founders looking to strengthen their funding knowledge can explore the Fundingtrip courses.
About the author of this post
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Sara Gavidia
Content Creator
Communications Manager & Content creator
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Hello! I’m Sara 👋🏻
I’m FundingTrip’s Content creator. I write posts about technology, funding and innovation. If you liked this one, subscribe to our newsletter to receive more updates!
Post reviewed by David Arias, funding expert.
