SWISSto12 secures CHF 25 million (EUR 26.15 million) working capital financing from UBS for HummingSat's satellite activities

SWISSto12 has secured CHF 25 million (EUR 26.15 million) in working capital from UBS Switzerland AG, the multinational universal bank. This fund will provide SWISSto12 with flexible growth capital to meet strong customer demand for its geostationary SmallSat, HummingSat.

Since its inception in 2011, SWISSto12 has raised more than EUR 50 million in venture capital from leading Swiss and European investors, including Constantia New Business (CNB Capital), Swisscom Ventures, Swisscanto and Zürcher Kantonalbank (ZKB). In addition to its growing activities in the field of radio frequency products and subsystems, SWISSto12's partnership project with the European Space Agency (ESA) has received support of more than EUR 30 million for the design of the HummingSat platform, the first SmallSat for geostationary orbit.

In 2022, SWISSto12 announced the signing of a contract for the supply of a HummingSat satellite to Intelsat, followed in May 2023 by a contract for the supply of three HummingSats to Inmarsat (acquired by Viasat in 2023). The company currently has more than EUR 200 million in pending customer orders for its radio frequency products and subsystems, its partnership with ESA and its recent HummingSat contracts.

Swisscom Ventures partner Pär Lange said: "SWISSto12 is the first growth-stage company to sell a complete geostationary satellite to global satellite operators, demonstrating the market-transforming potential of the HummingSat platform and the technical and commercial acumen of the team. With more than EUR 200 million in orders, SWISSto12 is one of the few companies in the growth phase to benefit from a growth fund of this magnitude from a multinational bank such as UBS. The company is uniquely positioned to reinvigorate the geostationary communications market, on which billions of people depend for their broadband, broadcasting and security services. »

Peter Gisler, CEO of SERV, said: "As Swiss Export Risk Insurance (SERV), we are pleased to contribute to this partnership between SWISSto12 and UBS and to support SWISSto12 in its pursuit of new growth opportunities in the global satellite market."

Emile de Rijk, founder and CEO of SWISSto12, said: "This CHF 25 million working capital with UBS gives us additional agility to execute the manufacture and delivery of our first HummingSats and meet strong client demand. With HummingSat, SWISSto12 is creating a new class of small, agile and high-performance satellites for the geostationary orbit, which are about three to five times smaller and less expensive than conventional geostationary satellites, while reliably providing critical services. We are excited to meet the demand of global satellite operators and national governments with our innovative geostationary communications satellites that will better connect and protect users around the world. »