The funding should allow the company, operating in space ground station and satellite imaging processing and services, to further expand its international network. 

Contec aims that by 2022, it will have extended not only in Europe--where it is also looking for local partners--but also North America, Southeast Asia and the Middle East, according to the Monday press release. 

In Luxembourg, Contec Space anticipates soon finalising an agreement with the SnT centre through the University of Luxembourg, with a cross-border R&D project expected to be forthcoming. In South Korea, Contec has already realised several smart city projects. 

The series B funding included lead investor Atinum Investment, a major VC player in Korea with assets under management of $1b, as well as the Korean Development Bank, Industrial Bank of Korea, Korean Investment Partners, and IntellianTech as strategic investor.

Contec launched in Korea in 2015 and in the grand duchy in 2019 and, between the two offices, boasts over 30 engineers. 

South Korea was ranked as innovation world leader in the latest Bloomberg Global Innovation Index, with a government that has helped drive its role as a startup hub. The governments of Luxembourg and South Korea have a history of working together to accelerate innovation--most recently at end-2020, when Luxembourg's economy ministry and South Korea’s ministry of SMEs signed an MoU to support the establishment of a Smart Green Business Centre.