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UNIO Enterprise placed into administration

October 28, 2024

By Chris Forrester

Munich based satellite technology company Unio Enterprise has been placed into insolvency by a German commercial court on October 16th. SES, along with other high-profile technology names, were investors in the business.

UNIO had tried to bring together these names to develop solution for space-to-Earth connectivity.

On October 17th the company announced that, with approval of the Minich District Court, it was seeking a new investor and meanwhile will continue in business.

Its statement said: “The court has approved the application and appointed Dr Alexander Zarzitzky as the preliminary insolvency administrator. Dr Zarzitzky and his team have assessed the situation and initiated discussions with employees and key business partners. During this phase, UNIO will continue its business operations without interruption.

UNIO says its insolvency filing was driven by a lack of follow-up financing from its shareholders, compounded by challenging market conditions in the automotive and mobility sectors. Additionally, the financing environment for startup growth across Europe remains very tight.

“UNIO’s technology is both innovative and groundbreaking. We are working intensively to ensure its preservation and further development. We have already begun the search for a swift investor solution,” explained Dr Alexander Zarzitzky, the provisional insolvency administrator. UNIO is represented in the insolvency proceedings by Dr Franziska Kramer, a lawyer from GÖRG Partnerschaft von Rechtsanwälten.

The company added: “In 2022, UNIO was formed as a joint venture by leading European space players: Isar Aerospace (rocket development and construction), Reflex Aerospace (satellite construction), Mynaric (laser-based communication), and SES (satellite operations). Since its founding, UNIO has developed innovative technology that combines 5G telecommunications with satellite networks to deliver seamless high-speed connectivity. This innovation enables applications like autonomous driving to operate over large areas, ensuring uninterrupted, reliable high-speed internet for the first time.”

UNIO was founded to build Europe’s first sovereign commercial satellite constellation, offering fast, robust, and secure connectivity. At the end of 2023, the startup successfully closed a pre-seed financing round worth €2.5 million, with backing from investors such as the space and technology group OHB and European technology company IABG. In March 2024, UNIO launched its ‘UNIO Move’ product, targeting automobile and agricultural vehicle manufacturers. This summer, the World Economic Forum recognised UNIO Enterprise as one of the 100 most promising tech startups.

“We are working tirelessly to bring advanced connectivity solutions to the mobility sector. We believe this technology will transform almost every industry and become a vital backbone for economic and political sovereignty. I am proud of the pioneering work our team has accomplished alongside our partners. Given the challenging economic environment, we are exploring new strategic options and partnerships to continue this mission,” said Katrin Bacic, CEO of Unio.

According to German press reports, UNIO had hoped (and might still hope) to be a part of the IRIS2 consortium which is bidding to build Europe’s highly secure low Earth orbit satellite constellation.

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