Venture capital fund backs business opportunities from space
ESA Press Release
Aug. 23, 2010
Two start-up companies offering a computer game to compete live with real racing drivers and communication handset for outdoor enthusiasts, both made possible thanks to space technology, are the first to receive funds from ESAâ€™s new Open Sky Technologies Fund.
One start-up company backed by venture capital is Dutchâ€“German iOpener Media, who are pioneering the next generation of online gaming.
iOpener allows gamers to compete in real time against cars in real races, by using â€˜liveâ€™ satnav data.
“iOpenerâ€™s proposition goes far beyond racing,â€ remarks Uli Fricke, Triangle Venture Capital Group. â€œThe virtual-world participants add another dimension to every real-world competition. Just imagine the increase in the target audience of traditional sports events. It is the missing link between the old and the new world.â€
Triangle manages the Open Sky Technologies Fund on behalf of ESA. This venture capital fund nurtures promising business opportunities arising from space technologies and satellite applications for terrestrial industries.
iOpener received â‚¬900.000 funding from the Open Sky Technologies Fund and other Triangle funds for its next development phases to develop the hardware for the racing cars and the tracks, and the launch worldwide of their gaming platform. During an ESA Investment Forum, iOpener had previously secured an initial funding commitment of â‚¬4.1 million from Triangle.
Three-in-One Communications Device
German TakWak GmbH is developing a three-in-one communication device integrating mobile phone, satellite navigation and walkie-talkie functions for outdoor enthusiasts enjoying active sports like hiking, skiing and kayaking. It combines three separate systems in one easy-to-use handset with special features for sport.
â€œTheir unique multifunctional, dedicated outdoor sports device is based on cutting-edge technologies to provide a radical new user experience,â€ says Dr Bernd Geiger, Triangle Venture Capital Group.
â€œWith its rugged design and unique features, TakWak responds perfectly to outdoor enthusiasts preferring dedicated devices to converged solutions such as a smart phone with integrated navigation features.â€
The Open Sky Technologies Fund and other venture-capital funds committed â‚¬2.5 million to TakWak.
Scouting space tech business opportunities at ESA Investment Forum
Organised by ESA’s Technology Transfer Programme Office with Europe Unlimited and the Chamber of Commerce of Milan, and supported by IBAN, EBAN, KIS4SAT, NAVSAT and ECâ€™s Enterprise Europe Network, the ESA Investment Forum in October will give investors an occasion to spot new interesting companies.
â€œThe ESA Investment Forums are an attractive showcase for the commercial potential associated with space borne research and the commercialisation of space technologies and satellite applications in non-space markets,â€ says Geiger.
â€œWe are amazed every time by the breadth and variety of the cases presented.â€
The companies, many stemming from ESAâ€™s Business Incubation Centres, are all using technologies from European space programmes or satellite services to create their innovative solutions.
â€œInnovation is the key to the future, and European space programmes have developed an infinite number of leading-edge technologies available to innovators and entrepreneurs,â€ says William Stevens, Managing Director of Europe-Unlimited.
â€œTechnology transfer from aerospace can give Europeâ€™s technology development and competitiveness a major boost.â€