1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator (previously known as the EIC Accelerator Pilot) is a funding instrument under the European Innovation Council (EIC) designed to support small and medium-sized enterprises (SMEs), particularly those involved in deep-tech innovation. This program aims to foster breakthrough innovations that can lead to significant market impact, particularly in sectors like health, energy, and advanced manufacturing.

Funding Structure

The EIC Accelerator offers blended finance, which combines grants and equity investments:

Up to €2.5 million in grant funding is available. This grant is primarily aimed at supporting the development and scaling of innovative projects. It can cover costs related to R&D, prototyping, testing, and market entry activities.

• Up to €15 million in equity can be allocated until the end of 2024.
• From 2025 onwards, this amount will be capped at €10 million.
• The equity component is intended for companies to scale their innovations, enhance their market reach, and attract further private investment.

Purpose of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by:

• Supporting Innovation: It provides essential funding to help high-risk, high-reward projects that traditional investors might overlook.
• Fostering Growth: By providing both grant and equity funding, the EIC Accelerator enables startups to focus on product development and market entry without being overly burdened by immediate financial returns.
• Encouraging Collaboration: The program promotes synergies between startups and larger companies, research institutions, and potential investors, facilitating knowledge transfer and technology adoption.

Role in Scaling Companies

The EIC Accelerator aids companies in scaling by:

• Providing Access to Capital: The combination of grants and equity reduces the financial burden on startups, allowing them to allocate more resources to innovation and growth.
• Facilitating Private Funding: By validating the technological and business potential of the funded projects, the EIC Accelerator enhances the attractiveness of these companies to private investors.
• Offering Business Support: Beyond financial support, the EIC Accelerator provides strategic business coaching, networking opportunities, and access to a wider innovation ecosystem.

VEOWARE and the SATAGILITY-GO2MARKET Project

Company Overview: VEOWARE

• Website: veoware.space
• Country: Belgium
• Funding Type: Blended finance
• Submission Date: June 16, 2021

Project Summary: SATAGILITY-GO2MARKET

VEOWARE’s project, SATAGILITY-GO2MARKET, focuses on the development of innovative next-generation space actuator technology. This technology allows satellites to maneuver up to ten times faster than existing systems, significantly enhancing their operational effectiveness.

Technology Basics and Background

Space Actuators:

Space actuators are critical components in satellite systems responsible for controlling the orientation and position of satellites in orbit. Traditional actuators, such as reaction wheels and thrusters, often have limitations in terms of speed, energy efficiency, and responsiveness.

Innovations in SATAGILITY-GO2MARKET:

• Next-Generation Technology: The actuator technology being developed by VEOWARE aims to overcome these limitations by integrating advanced materials and innovative design principles, allowing for rapid maneuvering.
• Applications: Faster maneuvering capabilities can enhance satellite missions, including Earth observation, telecommunications, and space exploration. This can lead to improved data acquisition rates, better service delivery, and more responsive operations in dynamic space environments.

Conclusion

The EIC Accelerator program is a vital component of Europe's strategy to foster innovation and entrepreneurship, particularly in the deep-tech sector. By supporting companies like VEOWARE through substantial grants and equity investments, it not only helps them develop transformative technologies but also strengthens the overall European innovation landscape, driving economic growth and competitiveness. The SATAGILITY-GO2MARKET project exemplifies how innovative actuator technology can revolutionize satellite capabilities, ultimately benefiting various industries reliant on space data and communication.

2 The Funding Rounds

Since receiving the EIC Accelerator funding on June 16, 2021, VEOWARE, a Brussels-based spacetech startup specializing in satellite motion control, has secured additional funding to support its growth and technological advancements.

Funding Round Details:

• Amount Raised: €2.5 million
• Date: September 2024
• Lead Investors:
• imec.istart future fund
• Ostbelgieninvest (OBI)
• Moveinvest (Noshaq & OBI)
• Henkes & Co

This investment is intended to enhance VEOWARE's innovative Control Moment Gyroscope (CMG) technology and facilitate its expansion into the U.S. market. (elendilspace.com)

Investor Information:

• imec.istart future fund: A venture capital fund supporting early-stage technology companies.
• Ostbelgieninvest (OBI): An investment company focused on supporting businesses in the German-speaking community of Belgium.
• Moveinvest (Noshaq & OBI): A joint investment initiative between Noshaq and OBI, aiming to support innovative companies.
• Henkes & Co: An investment firm involved in supporting technology-driven businesses.

Company Valuations and Exit Events:

Specific valuations for VEOWARE during this funding round are not publicly disclosed. Additionally, there is no publicly available information regarding any exit events for the company.

Additional Information:

VEOWARE was founded in 2018 by engineers Julien Tallineau and Julien Demonty. The company specializes in improving the agility and maneuverability of small satellites, with its flagship CMG technology offering ten times the agility of traditional systems. This advancement allows satellites to swiftly reorient, avoid obstacles like cloud cover, and maximize data collection efficiency, particularly in Earth Observation and Space Domain Awareness applications. (elendilspace.com)

As of the latest available data, VEOWARE employs 16 people and is headquartered in Guildford, United Kingdom. (pitchbook.com)

In summary, since receiving the EIC Accelerator funding in June 2021, VEOWARE has successfully secured an additional €2.5 million in funding to advance its satellite motion control technologies and expand its market presence.

3 The Press Releases

Since receiving the EIC Accelerator funding on June 16, 2021, VEOWARE, a Belgian space technology company, has made significant strides in satellite motion control. Their press releases highlight key developments, partnerships, and technological advancements:

1. First Micro Control Moment Gyroscope (CMG) In-Orbit Data (November 14, 2023): VEOWARE announced the successful in-orbit testing of the first micro CMG (0.7 Nms) ever launched. This milestone marks a significant advancement in satellite agility, enabling enhanced imaging capabilities and increased data collection efficiency. The company emphasized the potential for cost savings and reduced environmental impact in Earth Observation constellations. Special thanks were extended to the European Innovation Council and SMEs Executive Agency (EISMEA) and D-Orbit for their support. (veoware.space)

2. Partnership with U-Space Nanosatellites (November 30, 2023): VEOWARE announced a partnership with U-Space Nanosatellites for the supply of high-performance Attitude Control Systems (ACS). The collaboration aims to enhance satellite maneuverability and control, leveraging VEOWARE's advanced actuator technology. The partnership was highlighted during the Space Tech Expo Europe, with appreciation expressed for the constructive technical and commercial discussions leading to a trustworthy long-term relationship. (veoware.space)

3. Second CMG Fully Operational in Space (June 18, 2024): VEOWARE reported the successful operation of their second micro CMG in space, achieved through collaboration with Exotrail. This accomplishment further validates the company's technology and its potential to revolutionize satellite maneuvering capabilities. (veoware.space)

4. €2.5 Million Funding Secured (September 19, 2024): VEOWARE secured €2.5 million in funding from imec.istart future fund, Ostbelgieninvest (OBI), Moveinvest (Noshaq & OBI), and Henkes & Co. The investment is intended to support the enhancement of their CMG technology, facilitate expansion into the U.S. market, and bolster their position as a leader in motion control solutions for small satellites. (spacenews.com)

5. Participation in Industry Conferences and Visits (2024): VEOWARE actively engaged in industry events, including the 4S Symposium in Mallorca and the Rocky Mountain AAS GNC Conference in Colorado, showcasing their hardware and discussing advancements in Guidance, Navigation, and Control (GNC) technologies. Additionally, they hosted visits from companies like Reflex Aerospace and Dhruva Space, fostering collaboration and knowledge exchange. (veoware.space)

These developments underscore VEOWARE's commitment to advancing satellite maneuverability and control, positioning them as a key player in the space technology sector.

4 The Technology Advancements

Veoware, a Belgian company specializing in satellite actuator technology, received EIC Accelerator funding on June 16, 2021. (rasph.com) Their innovative solutions aim to enhance satellite agility, enabling faster maneuvers and more efficient data collection.

Advancements Since EIC Accelerator Funding:

Since receiving the EIC Accelerator funding, Veoware has made significant progress:

• Product Development: The company has developed modular next-generation actuator technologies, including the microCMG and miniCMG, designed to improve satellite maneuverability and data collection efficiency.
• Operational Milestone: On June 18, 2024, Veoware announced that their second Control Moment Gyroscope (CMG) was fully operational in space, marking a significant achievement in their technology deployment.

Market Demonstrations:

Veoware has actively engaged with industry partners to demonstrate their technology:

• Partnerships: In November 2023, Veoware announced a partnership with U-Space, indicating collaborative efforts to integrate their actuator technology into broader satellite systems.
• Industry Engagements: The company has participated in various conferences and symposiums, such as the 4S Symposium in Mallorca (May 2024) and the GNC Conference in Colorado (January 2024), to showcase their advancements and network with potential clients.

Intellectual Property and Publications:

As of the latest available information, there are no publicly disclosed patents, scientific studies, clinical trials, or whitepapers published by Veoware. The company primarily shares updates through their official website and industry news outlets.

In summary, since receiving the EIC Accelerator funding, Veoware has made notable advancements in developing and deploying satellite actuator technologies, demonstrated their products in the market through partnerships and industry engagements, and continues to focus on enhancing satellite agility and data collection capabilities.

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding on June 16, 2021, VEOWARE, a Belgian space technology company, has achieved significant milestones in partnerships and customer acquisition.

New Partners:

In September 2024, VEOWARE secured €2.5 million in funding from several investors:

• Imec.istart Future Fund: A venture capital firm supporting innovative startups.
• Ostbelgieninvest (OBI): A regional investment company.
• Moveinvest (Noshaq & OBI): A joint investment initiative.
• Henkes & Co: A financial advisory firm.

This investment aims to enhance VEOWARE's Control Moment Gyroscope (CMG) technology and support its expansion into the U.S. market. (spacenews.com)

New Customers:

While specific customer names are not publicly disclosed, the funding is intended to bolster VEOWARE's market presence, particularly in the U.S., indicating potential new customer engagements in that region. (spacenews.com)

Nature and Purpose of Relationships:

The partnerships with the mentioned investors are strategic collaborations aimed at:

• Enhancing Technology: Advancing VEOWARE's CMG technology for improved satellite agility.
• Market Expansion: Facilitating entry into the U.S. market to broaden customer base.
• Scaling Operations: Supporting the scaling of operations to meet growing demand.

Market Positioning:

These relationships position VEOWARE as a leader in satellite motion control, offering advanced solutions that significantly enhance satellite maneuverability. The expansion into the U.S. market is expected to increase market share and brand recognition. (spacenews.com)

Technology Advancements and Scaling:

The partnerships provide VEOWARE with the resources to:

• Advance Technology: Further develop CMG technology for next-generation satellite agility.
• Expand Operations: Establish a new operational site in Liège, Belgium, to boost production capabilities. (elendilspace.com)
• Scale Solutions: Offer scalable solutions to meet the needs of a growing customer base.

These developments collectively enhance VEOWARE's ability to deliver innovative satellite motion control solutions, reinforcing its position in the space technology sector.

6 The Hiring and Company Growth

Since receiving the EIC Accelerator funding on June 16, 2021, VEOWARE, a Brussels-based spacetech startup specializing in satellite motion control, has demonstrated significant growth and expansion.

Current Team Size and Hiring Status:

VEOWARE has been actively expanding its team to support its growth initiatives. As of April 2025, the company has several open positions, including:

• Sales & Business Development Manager: This role involves managing customer relationships and driving sales strategies. (simplyhired.be)
• Marketing & Communication Internship: Focused on developing and implementing marketing strategies and content creation. (glassdoor.at)
• Business Development & Sales Internship: Involves market analysis, customer engagement, and supporting sales strategies. (jobseeker.surfingwave.app)
• Test Engineer: Responsible for testing and validating satellite motion control technologies. (glassdoor.at)
• Electronics Student: Engages in system design and software development for satellite technologies. (glassdoor.at)

These openings indicate that VEOWARE is actively hiring to bolster its team.

Growth and Expansion:

In September 2024, VEOWARE secured €2.5 million in funding from investors such as imec.istart future fund, Ostbelgieninvest (OBI), Moveinvest, and Henkes & Co. This investment is earmarked for enhancing their Control Moment Gyroscope (CMG) technology and expanding into the U.S. market. (elendilspace.com)

The funding also supports the establishment of a new operational site in Liège, Belgium, aimed at increasing production capabilities to meet growing demand. (elendilspace.com)

Key Positions and Strategic Implications:

The recent hiring initiatives, particularly in sales, business development, marketing, and engineering, are strategic moves to:

• Enhance Market Reach: By expanding the sales and business development team, VEOWARE aims to strengthen its presence in existing and new markets, including the U.S.
• Boost Technological Development: Hiring test engineers and electronics students supports the advancement and refinement of their satellite motion control technologies.
• Strengthen Brand Presence: Marketing and communication roles are crucial for building brand awareness and effectively communicating VEOWARE's value proposition to a broader audience.

These strategic hires are expected to facilitate VEOWARE's scaling efforts, enabling the company to meet increasing demand and solidify its position in the satellite motion control industry.

Management and Founding Team:

VEOWARE was founded in 2018 by engineers Julien Tallineau and Julien Demonty. As of April 2025, there are no publicly available reports indicating major changes in the management or founding team. Julien Tallineau continues to serve as the CEO, leading the company's strategic direction and growth initiatives. (be.linkedin.com)

In summary, since receiving the EIC Accelerator funding in June 2021, VEOWARE has experienced significant growth, marked by increased hiring, technological advancements, and strategic expansion efforts.

7 The Media Features and Publications

Since receiving the EIC Accelerator funding on June 16, 2021, VEOWARE, a Belgian space technology company, has been featured in several media outlets and has participated in various events. Below is a summary of their media coverage, publications, podcasts, conferences, and event involvements:

Media Features:

SpaceNews (September 19, 2024): VEOWARE announced securing €2.5 million in funding to enhance satellite motion control technologies. (spacenews.com)

Publications:

SpaceNews (September 19, 2024): Published an article detailing VEOWARE's €2.5 million funding round and its plans to improve satellite agility. (spacenews.com)

Podcasts or Interviews:

No specific podcasts or interviews featuring VEOWARE's team were identified in the available sources.

Conferences and Fair Visits, Presentations, or Participations:

No specific conferences or fairs where VEOWARE has presented or participated were identified in the available sources.

Involvement in Events:

No specific events involving VEOWARE since June 16, 2021, were identified in the available sources.

For more detailed information, you can visit VEOWARE's official website at veoware.space.