50 million for Devo and 7 for PLD Space

50 million for Devo and 7 for PLD Space

One develops a data analytics platform in the cloud. And the other wants to challenge the aerospace industry from Elche with its rockets. Both have starred in the most important financing rounds after the summer break. The first, I must, He has raised 50 million euros of several renowned international funds to try to surf the wave of growth caused by the coronavirus and the digitization of businesses. The second, PLD Space, has captured 7 million in the first phase of a more ambitious capital increase that has been negotiating for months.

I must was created in 2011 under the name Logtrust. The founded Pedro Castillo, former Head of New Technologies at Bankinter. The objective: to democratize the use of ‘big data’ among companies, speeding up times and processes to make it easier. With its platform, it collects and analyzes large amounts of data and the operations of the entire organization in real time. Among its clients are several Ibex companies such as Telefónica and also the United States Air Force, which awarded him a contract to centralize the protection, detection and response of this body around the world for 9.5 million dollars.

The year 2017 was the turning point, with the entry of several international funds and Spanish Kibo Ventures, partner of companies such as Carto or Jobandtalent. They chained three rounds of funding that totaled $ 71 million. Two years after the last extension, the last one has just been signed: 60 million dollars, 50 million euros at the exchange. Along with prominent managers that were already present as Insight Ventures (shareholders of Twitter, Delivery Hero or Shopify), the American lands Bessemer Venture Partners, partner of giants such as Pinterest, Linkedin or Twilio, and Georgian, specialized in software companies. The assessment, as confirmed by various sources, is of several hundred million euros.

The ‘Spanish’ company, which moved its headquarters to the United States in that year 2017 but kept one of its main work centers in Madrid, wants to surf the wave of business digitization due to the coronavirus pandemic. In the second quarter of the year, record income was achieved – from the subscription payment to its ‘software’ by corporate clients – although it discards offering specific data. To achieve that acceleration has appointed the former head of IBM Security, a unit with annual revenues of more than 2 billion, as the new CEO.

The rockets of Elche

This operation is the most prominent, but not the only one. Another startup with a Spanish label has also just closed a new injection of capital. PLD Space, the company that develops reusable space rockets based in Elche (Alicante), has received 7 million euros from Arcano Partners. This is the first part of a larger enlargement that has been under negotiation for months. The initial forecasts of the company raised the final amount to 30 million euros. To date, it has raised more than 18 million euros private investment and institutional support.

The company, founded in 2011 by a group of young fans of the aerospace industry, aims to launch the Miura 1 suborbital rocket “soon”. In other words, it is a structure that goes into space and then returns. Its utility? On the one hand it is a “technology demonstrator”. On the other hand, it allows companies and other clients to have a vehicle to test technologies or experiments there. A kind of laboratory in space.

Arcane thus joins a widely distributed shareholding, where the fund is located JME Venture Capital, investment arm emerged from the José Manuel Entrecanales Foundation, president of Acciona, the Spanish aeronautics Aciturri, by the businessman Ginés Clemente, or the group GMV.


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50 million for Devo and 7 for PLD Space