Nazca Capital leads Series B as Spanish startup enters unicorn territory
Europe’s space technology sector is experiencing a pivotal transformation, with artificial intelligence reshaping how satellite data is collected, processed, and commercialised. As enterprises and governments increasingly rely on real-time geospatial intelligence for everything from agricultural forecasting to disaster response, the demand for AI-ready Earth observation platforms has never been higher — and investors are taking notice.
Madrid-based Xoople has closed a $130 million Series B round to accelerate the development of its proprietary satellite constellation and EarthAI platform. The round was led by Nazca Capital, with participation from MCH Private Equity, CDTI (the Spanish government’s technology development fund), Buenavista Equity Partners, and Endeavor Catalyst. The investment brings Xoople’s total funding to $225 million and pushes the company’s valuation into unicorn territory.
Strategic investors back Europe’s earth observation ambitions
The investor composition reflects a deliberate blend of private capital and institutional backing. Nazca Capital, one of Spain’s most prominent growth-stage venture firms, led the round — a significant endorsement of the country’s deeptech ecosystem. CDTI’s participation underscores the strategic importance the Spanish government places on sovereign space technology capabilities, while Endeavor Catalyst’s involvement connects Xoople to a global network of high-growth entrepreneurs.
“Every major computing era creates a new system of record; those that define that system become the economic centres of that era,” said Fabrizio Pirondini, CEO and co-founder of Xoople. The company’s thesis is that as artificial intelligence matures, it will require a continuous, high-fidelity data layer representing the physical world — and that whoever builds it will occupy a position analogous to what cloud infrastructure providers became in the software era.
Founded in 2019, Xoople spent its first seven years developing its technology stack around data collected by government spacecraft, building partnerships with Microsoft Azure and Esri for distribution and cloud infrastructure. The company began commercialisation in Q2 2026, with private preview customers already including government agencies and Fortune 500 companies across agriculture, insurance, infrastructure monitoring, and government services.
From third-party data to proprietary satellite constellation
The Series B funding will primarily finance Xoople’s transition from relying on third-party satellite data to operating its own proprietary constellation. The company has announced a partnership with L3Harris Technologies, the American aerospace and defence contractor, to design and manufacture sensors for its spacecraft. Pirondini described the constellation as capable of producing data that is “two orders of magnitude better” than existing monitoring systems.
This vertical integration strategy positions Xoople to control the entire value chain — from data collection in orbit to AI-processed insights delivered to enterprise clients. The approach differentiates it from competitors like Planet Labs, BlackSky, and ICEYE, which also operate satellite constellations but have not built the same degree of AI-native data processing infrastructure.
European space-tech investment gains momentum
Xoople’s raise arrives at a moment of growing confidence in European space technology. The continent has seen a steady increase in venture capital flowing into satellite and earth observation startups, driven partly by the European Space Agency’s expanded partnership programmes and partly by increasing demand from climate monitoring, precision agriculture, and insurance underwriting.
The competitive landscape includes both established players and well-funded newcomers. Planet Labs and Airbus Defence and Space operate mature constellations, while ICEYE and Capella Space have carved out niches in synthetic aperture radar imaging. Xoople’s differentiation lies in its AI-first approach — building not just the satellite infrastructure but the intelligence layer that transforms raw observation data into actionable insights for enterprise decision-making.
With its Series B complete and satellite construction underway, Xoople represents one of the most ambitious bets in European deeptech this year — and a signal that Spain’s startup ecosystem is producing companies capable of competing on a global stage.
Company: Xoople
HQ: Madrid, Spain
Founded: 2019
Round: Series B
Amount: $130 million
Total Funding: $225 million
Lead Investor: Nazca Capital
Use of Funds: Proprietary satellite constellation development, sensor manufacturing with L3Harris, platform expansion