Satellite firm EnduroSat has secured new investment to fund its new generation of larger satellites.

The company this week announced the closure of a €43 million ($48.8m) investment round led by Founders Fund to scale the production of the company’s new Endurance class satellites. CEECAT Capital, Morphosis Capital, and a set of returning investors assisted in the round.

Sofia, Bulgaria-based EnduroSat’s Endurance satellites are software-defined and fully modular, ranging between 200-500kg.

Equipped with advanced avionics, hyperspectral imagers, synthetic aperture radar, and broadband payloads, EnduroSat hopes to serve a wide variety of business cases that can be reconfigured in-orbit as clients and their demands evolve, change, and shift geographic focus.

“By increasing our production and introducing our new generation of satellites, we’ll unlock access to satellite constellations for even more customers—with reliability and price transparency,” said Raycho Raychev, founder and CEO of EnduroSat, in a statement.

EnduroSat did not immediately respond to calls for comment.

Design a decade in the making

The company said the third generation of Endurance ESPA-class satellites was borne out of a decade of in-orbit experience, informed by qualitative customer relationships.

With avionics capable of hitting up to 3.5kW of peak power and a 2Gbps data rate, aboard a cableless satellite bus, the new generation of satellites is more compatible, now supported by a new space missions-as-a-service offering intended to take on the risks of the customer while streamlining costs and timelines.

The injection of €43m ($48.8m) will also finance the construction of a new 17,500 sqm manufacturing facility in Sofia, intended to represent one of the largest R&D centers in Europe. It will feature a satellite avionics lab, two assembly lines, large clean rooms, and a range of space qualification equipment, including an anechoic chamber.

By the end of this year, EnduroSat aspires to have production capacity capable of delivering 60 satellites per month.

“Raycho and his team at EnduroSat have taken the massive leap to go from utilizing traditional aerospace supply chains, to consumer electronics and automotive supply chains to build their products,” said Delian Asparouhov, a partner at Founders Fund, in a statement. “This makes EnduroSat’s cost efficiency and performance above all in the market.”