The company from Latvia made its debut at the prestigious Satellite 2019 conference in Washington, D.C., and achieved an outstanding result. The Star up also participated in the Paris Space Week challenge where it got great results and interest from space industry professionals.
TimeTag.Space was launched in 2019 as Eventech “spin-off” holding technology license from Institute of Electronics and Computer Science of Latvia (IECS). Eventech’s, which was accelerated in Commercialization Reactor, core competence lies in repeatable, extremely accurate and environmentally resistant specific signal processing and time tagging which can be used to measure the distance between Earth and satellites very precisely and can help determine their location and orbit.
TimeTag.Space was established as it was decided to split directions on space and ground segments and have a whole team devoted to space as a stand-alone company. The TimeTag.Space target market currently comprises the world’s most active countries in the space industry, including Japan, USA, Australia, India, and European countries. In partnership with the ESA, the company’s participation has been approved for three space missions totalling €700,000. And now the US is also in line for this Latvian-created technology. Company head Pāvels Razmajevs says that investors’ interest has been considerable and that around €1 million will be attracted, which should be enough for customer development, market entry and continue strengthening the company’s position.
The Satellite 2019 event brought together more than 15,000 people from 105 countries around the world. The startup competition took place in two groups: seed investment and A round investment. TimeTag.Space triumphed in the seed investment group, with the prize being the ability to talk to six different space industry investors, a publication in a prestigious space industry journal, and entry six tickets to the next major space industry events.