Futuregrowth Asset Management has led a $3m funding round in CubeSpace, a South African provider of satellite Attitude Determination and Control Systems (ADCS). 

ADCS technology plays a crucial role in the space value chain by helping satellites maintain precise orientation in orbit, making them indispensable for a wide range of applications, from Earth observation for climate monitoring to scientific missions, radiation detection, optical images, communication and connectivity. 

The capital deployment, made via Futuregrowth's High Growth Development Equity Fund (HGDEF), will support CubeSpace’s growth strategy of extending its flight-proven solutions beyond nanosatellites to include spacecraft in the 50 – 1 000 kg class. 

“With the space economy projected to exceed $1trn by 2040 (driven by innovations in satellite technology, reusable launch vehicles and increased private sector participation), the outlook for highly innovative companies like CubeSpace is exceptionally promising,” said Brian Masondo, Principal: Private Equity & Venture Capital at Futuregrowth.   

In the rapidly evolving space industry, which is characterised by heightened competition and lead times, CubeSpace holds a competitive edge. Its affordable, reliable and user-friendly solutions speed up time-to-orbit and streamline production, which are essential for satellite programmes looking for high-quality and rapid deployment.   

Amrish Narrandes, Head of Private Equity & Venture Capital at Futuregrowth, said: "Our investment in CubeSpace aligns seamlessly with our broader strategic objectives," he said. "Their strong leadership team, driven by a passion for innovation in satellite technology, complements Futuregrowth's focus on supporting intellectual property-rich businesses within expanding sectors like the SmallSat market." 

Mike-Alec Kearney, CEO & Co-Founder of CubeSpace, said: “This investment from Futuregrowth, with its ambitions that are aligned with ours, will provide us with all the firepower we need to grow aggressively and provide our customers with unapparelled solutions. We aim to become the gold standard for satellite control systems, enabling high reliability satellites to be built on shorter lead times, and at lower cost, ushering in a new era in the space industry.” 

This investment reflects Futuregrowth’s commitment to supporting innovative South African businesses like CubeSpace that are making a positive societal impact through job creation, contributing to global sustainability goals and enhancing the country’s competitiveness internationally.