Creation-Space has raised $1 million for SpaceTech and fighting climate change
The company claims to be one of the first Israeli companies established solely to build and accelerate an ecosystem that is dedicated to space technologies.
"We embark on an exciting journey backed by our new partners from the United States, aspiring to leverage our Israeli advantages to contribute significantly to the global effort for the development of sustainable space technologies, for the common goal of all humanity to tackle the climate crisis and expand the boundaries of human existence," said Roy Naor, Ph.D., CEO of Creation-Space.
The company recently announced that it raised $1 million from American investment fund CreationsVC, which specializes in space technologies, artificial intelligence, and more. Creation-Space, which was only established earlier this year, promotes innovation and technological developments in the field of space with an impact on the fields of climate and the environment. The company's partners have previous experience in the field of NewSpace and are among the entrepreneurs of D-MARS, which specializes in simulating life on Mars from Makhtesh Ramon in the Negev desert.
You can learn more about the company below.
Company Name: Creation-Space
Sector: New Space
Creation-Space accelerates space startups, and their developments for space can also be applied to fight and adapt to climate change.
Creation-Space CEO Roy Naor is a Forbes 30Under30 entrepreneur who initiated the establishment of D-MARS. Previously, he was the Israeli representative in a multinational Martian simulation mission to the Utah desert in the U.S. After that, he also interned at NASA Ames in Silicon Valley, as part of his doctoral work at the Weizmann Institute, to study the Martian surface.
Year of Founding: 2023
Last Investment Round: $1 million
Last Investment Stage: Seed
Date of Last Investment: November 2023
Total investment to date: $1 million
Investors (leading and all): CreationsVC3
Current number of employees: 3
Open positions: N/A
How was the idea born?
The idea was born from being active in the field of space and entrepreneurship in Israel for the last 10 years, foreseeing the opportunity in this exploding market and positioning Creation-Space at the right time and place in history to have a significant impact on this growing market and to position Israel as a leader in this industry.
What is the need for the product?
As the space market turns to private ownership, there is a growing need for companies that shorten the time to market for space-oriented startups. This is the purpose of Creation-Space. There is also a second side to the story; as the climate crisis moves beyond humanity’s ability to react to the change, Creation-Space accelerates space startups and their developments for space can also be applied to fight and adapt to climate change.
How is it changing the market?
The company has been established solely in order to build and accelerate space technologies by providing dedicated test site, R&D, engineering, design and business development services.
How big is the market for the product and who are its main customers?
The market is wide and hard to quantify. The space market is $546 billion and is projected to climb 41% over the next five years. The customers of Creation-Space are startups and companies from Israel and abroad that wish to develop products that are relevant for space exploration and fighting climate change.
Does the product exist already? If not - at what stage is it and when is it expected to hit the market?
The product is the ability of the company to shorten the time to market for startups. We are planning to grow globally and build more and more innovation hubs in which space technologies will be developed and tested.
Who are the main competitors in this sector and how big are they?
In Israel, there are no other similar competitors and/or that have succeeded in raising funds. Abroad, there are several companies that try to privatize some aspects of the industry that used to belong to governmental space agencies, such as Start Harbor.
What is the added value that the founders bring to the company and the product?
This is a unique team with no equivalent in Israel.
What will the money coming in from the round be used for?
Establishing the company, enabling the company to support startups and the establishment of physical assets, such as test sites, laboratories, and demo centers.
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