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Panel 2 Spacetec Partners Landscape for Financing Services in Europe Brussels, 25 January 2016 SpaceTec Capital Partners GmbH SpaceTec Partners SPRL Sendlinger Strasse 22 Avenue Louise 66 80331 Munich 1050 Brussels Germany Belgium T +49 89 45 16 09 80 T +32 2 318 09 29 F +49 89 45 16 09 79 F +32 2 502 60 49 www.spacetecpartners.eu www.spacetecpartners.eu SpaceTec Activity Scope and Service lines Management Programme Strategic Coaching & Capital Consulting Management Communication Landscape for Financing Services in Europe 1 Space technologies are the backbone of the digital age Large pool of European innovation Positioning R&D . Rich European R&D base … . ~ € 9 Bln p.a. spent on space tech . Thriving entrepreneurial eco-system GeoIntelligence . IP and tech transfer mechanisms … New space entrepreneurism Autonomous . New satellite design philosophies Motion . Platforms, scalability, serial production … . Decreasing launch costs . Near real-time data provision Ubiquitous . Demand-driven application thinking Connectivity Landscape for Financing Services in Europe 2 “Positioning technology can save (digital) lives” Landscape for Financing Services in Europe 3 Source: Handelsblatt 25 Jan 2016 NewSpace is not only a US-based activity, for example, small launchers and services are being developed everywhere Ground launch Air launch Balloon launch (rockoon) Landscape for Financing Services in Europe 4 Advanced positioning solutions through new constellations Positioning . Multi-GNSS, allows for unprecedented accuracy, availability and new features . New applications thanks to as higher precision and authenticated positioning (Galileo) . SatNav capacity will increase with additional 40 new sats GeoIntelligence . 4 SatNav constellations to be completed in the coming decade Global GNSS market size (€ BN) Cumulative core revenue 2013-2023 by segment Autonomous 140 Motion 112 120 + 7% 102 93 100 86 75 80 58 60 40 Ubiquitous 20 Connectivity 0 2013 2015 2017 2019 2021 2023 Source: GSA Market Report, Version 2015 Landscape for Financing Services in Europe 5 GeoIntelligence becomes stronghold in commercial space Positioning . Number of Earth Observation satellites tripling vs last decade . Free open data sets providing an enormous amount of data available for analysis . Near real-time and high resolution satellite imagery heralding a new wave of services GeoIntelligence . New modes of data transmission and distribution in the sky, air and on the ground . Leaps in processing, big data and grid computing allowing petabytes to be analysed EO Market Size ($ M) of Data and Value Added Services - Forecast Planet Labs to capture Autonomous image of the planet every Motion day with 150 nano-satellites Skybox Imaging to have 24 microsats imaging the world in high resolution 3x a day Ubiquitous Unprecedented amount of Connectivity EO data free of charge Source: NSR Landscape for Financing Services in Europe 6 Autonomous Motion … powered & enabled by space Positioning . Commercial user market of UAVs to grow to $ 1.7 B in 2015 . Need for better aerial imagery & faster deployment in autonomous and assisted driving . Robotic solutions form key elements of the so-called “Industrial Internet” . Autonomous vehicles expected by 2020; almost all automotive OEMs and Tier1 suppliers GeoIntelligence currently conducting R&D towards assisted driving . Essential to understand the regulatory environment Acquired by car manufacturer Autonomous Motion consortium to keep strategic enabling capabilities Experimenting with UAVs, autonomous robots and vehicles Ubiquitous Connectivity Source: CB Insights – The future of frontier tech Landscape for Financing Services in Europe 7 Ubiquitous Communications for industrial and private use Positioning . New low-cost constellations for improved connectivity (internet access) in rural areas or underserved markets . Low-cost, energy efficient, small satellite terminals for M2M and IoT applications GeoIntelligence . Satellite / terrestrial hybrid networks . Improvements in compression techniques and algorithms ‘Traditional space’ ‘NewSpace’ Autonomous Motion Partnership with Cisco aims to launch 648 telecommunication Developer Programme satellites by 2020 Open interfaces (SDK, API) More hybrid hardware announced a constellation with GNSS of 4000 satellites with Ubiquitous … initial services to start in Connectivity 2020 Landscape for Financing Services in Europe 8 American, Russian and Chinese investors discover Space-Tech Successful US Entrepreneurs US Venture Capital . Elon Musk . Founders Fund - Peter Thiel . Draper Associates / DFJ . Jeff Bezos . Bessemer Ventures . Larry Page & Sergey Brin . Asset Management Ventures . Sir Richard Branson . CrunchFund . Canaan Partners . Mark Zuckerberg . Norwest Venture Partners . Ansari Family . Khosla Ventures . Peter Diamandis . In-Q-Tel (US), CIA-Fund . Mithril Capital Management /Peter Thiel . … . … Investors with Sector Focus Incubators / Accelerators / Crowd . Airbus Group Venture Fund (US) . Space Angels Network (US) . ESA BICs (Europe) . Space Tango Incubator (US) . GLONASS Fund (RU) . Starburst Accelerator (FR) . Space Techn. Inv. Fund by RVC & Finematika (RU) . A3 - Airbus Group Innovation Center (US) . BDStar Capital (CN) . Space Techn. Incubator Skolkovo Innovation Center (RU) . Runway Venture Capital (US/Russia)* . FunderNation (DE) – Crowdfunding also for Space . Seraphim Space Fund (UK) * Being established Landscape for Financing Services in Europe 9 American companies acquire European companies to grow and substantiate their business model . Spanish company two . Berlin-based SME with . UK-based position Deimos satellites (310kg) five RapidEye satellites technologies company . Global imagery archive (150kg) with 2,100 employees . Acquisition of assets and . Global imagery archive . Includes SiRF (US), unit with ~ 50 employees for . ~ 100 employees NordNav (SE) ~$ 80 M . Acquisition price not . Acquired by Qualcomm disclosed for $2.5 billion … and 22 acquisitions of European geospatial companies since 2003 by … Landscape for Financing Services in Europe 10 Europe is building a thriving space application eco-system 20 ESA Business Incubator Centres 23 Partner regions in space application competitions Locations of AppCamps © Anwendungszentrum Oberpfaffenhofen GmbH Landscape for Financing Services in Europe 11 The European Space financing eco-system is incomplete Idea / Later Incubation Seed-Round A-Round Invention Stage Idea and Incubators & National & PPP-Funds Venture Capital Funds Business Accelerators Plan Competitions Regional State Funds No dedicated space investor for Europe Networking Platforms BMW i-Ventures Research Programmes (e.g. H2020, National) (e.g. H2020, Programmes Research Business Angels & Crowdfunding Schemes Corporate VC Funds SME Instrument / Business Loans & Project Finance Coaching Landscape for Financing Services in Europe 12 H2020 SME Instrument: SpaceTec Coaching examples Spectrum ARC GmbH (ESA BIC Bavaria) Astrofactum GmbH (Munich/ Berlin) Engineering and consulting services and testing: A private sector initiative to develop and build a Commercial-off-the-shelf (COTS) electronics are tested commercial space telescope service, and qualified according to NASA and ESA standards which can be used by anyone. SpaceTec coach support the SpaceTec coach helps in substantiating the H2020 SME instrument feasibility study. commercial use case for the space telescope during the H2020 SME instrument feasibility study. www.spectrum-aerospace.com www.publictelescope.org Landscape for Financing Services in Europe 13 Crowdfunding study commissioned & published by the European Commission DG Connect . Crowdfunding models . Market development & trends . Positioning in financing market . Potential for innovation . Success factors for campaigns . Quarterly benchmark . Regulatory state of play in Europe & internationally . Perspectives for an evolving regulatory landscape https://ec.europa.eu/digital-agenda/en/news/crowdfunding-innovative-ventures-europe-financial-ecosystem-and-regulatory-landscape-smart Landscape for Financing Services in Europe 14 Crowdfunding – many different types Basic types of crowdfunding Non-financial return models Financial return models Donation Reward Pre-selling Equity Lending Landscape for Financing Services in Europe 15 The success rate of current space campaigns outperforms the general technology categories on Kickstarter and Indiegogo 60% . Arkyd - a space telescope - raised USD 1.5 Mio on 50% Kickstarter 40% . Elegant set of rewards such as availability of telescope time 30% and backers’ selfies from space 20% . Most successful crowdfunded 10% space mission in terms of funding size 0% Space Kickstarter all Kickstarter Indiegogo all Indiegogo campaigns campaigns technology campaigns technology campaigns campaigns Landscape for Financing Services in Europe 16 A German Navigation SME as early adopter. Seeking company loan through Crowdfunding Landscape for Financing Services in Europe 17 VCs engaged in Skybox achieved significant returns Series A : $3M Series B : $18M Series C : $70M EXIT: $ 500 M 31 July 2009 26 July 2010 17 April 2012 July 2014 Draper Associates Draper Associates Investment Khosla Ventures Khosla Ventures Khosla Ventures syndicates per Bessemer Ventures Bessemer Ventures investment round Asset Management TOTAL $91M Ventures „Skybox’s satellites CrunchFund will help to keep Canaan Partners Google Maps accurate Norwest Venture Partners with up-to-date imagery“ Employees Stanford Spin-off 50 200 Return on Investment (IRR) 62% 60% 67%
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