We back founders building commercial space and allied defence technology across the Five Eyes, from Earth to the Moon.
11 capabilities, from launch vehicles and propulsion to the ground systems that talk to everything above. Juno Propulsion is rebuilding the rocket engine.
17 capabilities. Earth observation alone holds 85 of the companies we track. Portal Space Systems gives spacecraft the power to move on demand.
7 capabilities, from lunar landers to surface power. Few companies hold them yet. That is the opportunity.
Sovereignty is moving to orbit™. We map who is building it, then we write the first cheque.
Sovereignty is moving to orbit.™ Navigation, timing, communications and warning all pass through space before they reach the ground. The capability free nations will rely on is being started today, by small teams. We meet them first.
Cost to put one kilogram in low Earth orbit, in US dollars. When launch is abundant, value moves into what operates in orbit: propulsion, servicing, sensing and autonomy.
| Vehicle and year | US dollars per kilogram |
|---|---|
| Space Shuttle · 1981 | $85,216 |
| Atlas V 551 · 2016 | $5,685 |
| Falcon 9 · 2010 | $1,500 |
| Falcon Heavy · 2018 | $951 |
| Starship target · 2026+ | <$100 |
Satellites that watch, listen and communicate for allied nations, in peacetime and in conflict.
Propulsion, mobility and servicing: the engines of an orbital economy.
Ground systems, mission software and autonomy that make space usable on Earth.
Most investors see the companies that come to them. We see the field: who is building what, where it is crowded, and where nobody is building yet. That is where we write first cheques.
The HUMANUS Atlas™ maps 548 companies across 35 capabilities, Earth to Moon. It shows us where the field is crowded, where it is thin, and which missions depend on a single supplier.
Later rounds in SpaceTech have never been deeper, yet seed still draws only about a tenth of the dollars. The earliest cheque is the least crowded seat in the sector. In Canada the gap is sharpest between prototype and validation, TRL 4 to 7, which our State of Canadian Space 2025 report maps in detail.
Sources: Seraphim Space Index, Q4 2025; HUMANUS.VC, State of Canadian Space 2025.Very few early investors understand both the technology and how governments buy it. We spend our time with the engineers who build the hardware and the people who buy it.
Every cheque is checked against the Atlas: who else holds the capability, who needs it first, and who buys it.
We invest at pre-seed and seed, when a technical founder's insight is the only asset on the table.
Built for Five Eyes buyers, export realities and sovereign supply chains from the first meeting.
Podcasts, accelerators and programs that put founders in front of primes, agencies and the next round's lead.
Launched Starburst-1 flew on SpaceX Bandwagon-5, October 20, 2026
Manoeuvrability when you need it. On demand.
Spacecraft built on solar thermal propulsion that reposition, rendezvous and persist, for missions a static satellite can't fly.
Read more portalsystems.space ↗Rocket engines, brought from 1940s physics into this century.
A rotating detonation engine burns propellant in a supersonic wave that spins around the chamber, releasing more energy from every kilogram. Juno is working toward the first one fired in orbit.
Read more junopropulsion.com ↗A specialist fund, run by someone who sees more of the field every year than almost anyone at pre-seed.
Investing in SpaceTech at pre-seed since 2019 through Carvalho Capital, his family office. Sees more than 500 SpaceTech companies a year.
Every company, funder, person and mission, connected by the capability it holds. It shows us where the field is crowded, where it is empty, and who depends on whom.
A partner reads every submission, and we aim to give every founder a clear answer.
Building in commercial space or allied defence in Canada, the US, the UK, Australia or New Zealand, or backing those who do? Start here.