Quadsat extends Series A with €5 million boost

Quadsat, a Danish company specialising in electromagnetic spectrum intelligence, has secured a €5 million ($5.8 million/£4.35 million) extension to its Series A funding round, according to a July 17 press release. 

This latest investment is strategically aimed at accelerating Quadsat’s expansion into the defence sector, enhancing its technology, and strengthening its presence in key NATO countries, the press release states. The new funding brings the total raised by the company to more than €16 million since 2019.

“Quadsat will use the funds to expand its commercial reach, accelerate product development specifically targeting defence applications, and significantly grow its presence in key NATO member countries,” the press release adds. Defence-specific expansion will drive a focus on aspects of product development like electronic hardening and meeting different qualification standards for products deployed on military UAVs. 

“Electronic warfare isn’t just critical; it’s an existential necessity in modern defence. This round is about doubling down. We’ve spent the last year deeply embedded in defence needs, refining a technology that pinpoints threats, like the interference of military installations, which is an absolute game-changer in the field,” Joakim Espeland, President and Co-Founder of Quadsat, said. 

The company has partnered with Ukrainian drone manufacturer Skyeton, which recently announced its intent to bring its capabilities to the UK. Skyeton’s Raybird UAV “can be equipped with an RF Locator module that detects enemy emitters — including air defence systems, EW units, radars, and communication signals.” This type of activity is typically carried out by larger platforms like the R-135 Rivet Joint, although Western forces have employed UAVs like the MQ-9 for similar purposes in the past. This may be indicative of some of the capabilities that Quadsat is looking to bring to the defence industry. 

The extension to the Series A was led by Join Capital and North Ventures, with support from Quadsat’s existing investors, including Seraphim Space, Export and Investment Fund of Denmark (EIFO), Helge Munk Holding and TPC Management.

Quadsat has secured multiple funding rounds to advance its technology, starting with approximately €780,000 (£700,000) in Seed funding in 2019, that was led by Vækstfonden (Danish Growth Fund – now Danish Export and Investment Fund (EIFO)) with participation from Seraphim Space Capital and angel investors. This initial capital enabled Quadsat to establish itself and bring its drone platform for satellite antenna testing to the maritime and aeronautical industries. 

Building on this momentum, a €2 million Pre-Series A investment followed in September 2020. Seraphim Space led this round, with participation from Vækstfonden and angel investor Helge Munk. The funds were used to accelerate product testing, expand their product line, and prepare for broader market adoption.

The company continued its growth trajectory by securing €9 million in Series A funding in March 2023, led by IQ Capital and supported by existing investors Seraphim Space, the EIFO, and angel investors Torben Frigaard Rasmussen and Helge Munk. This substantial round was driven by increasing commercial demand from major satellite operators and antenna manufacturers, allowing Quadsat to scale operations and expand its global customer base. 

Company profile: Quadsat

Established in 2017 and based in Odense, Denmark, Quadsat provides spectrum intelligence and RF geolocation solutions for defence organizations, satellite operators, and aerospace customers globally. Quadsat’s platform-agnostic approach tests and monitors satellite antennas and RF systems. Their solutions locate emitters and signal jamming devices, allowing armed forces to monitor and respond to threats in operational environments.

The company initially focused on satellite antenna testing, with clients including global satellite operators like SES and OneWeb. The leadership team includes Joakim Espeland (President and Co-Founder), an entrepreneur and engineer who developed Quadsat from concept to a growing company; Lars Bach (Chief Technology Officer), an electrical engineer with over 20 years of experience in product development; and Per Pedersen (Chief Financial Officer), a financial advisor focused on profitable growth for technology firms. 

Quadsat investor profile: Join Capital and North Ventures

Join Capital

Join Capital is an early-stage venture capital fund headquartered in Berlin, Germany, with additional offices in London and Milan. Founded in 2015, they are specifically focused on deeptech companies with applications in the enterprise, industrial, and defence sectors across Europe and NATO-aligned regions. They seek companies with strong Intellectual Property (IP) and a clear advantage, typically investing at TRL (Technology Readiness Level) 3 and beyond. They lead or co-lead rounds with investments ranging from €1-5 million at Pre-Seed to Series A stages. Alongside Quadsat and a number of other defence startups, the company has invested in Optics11, which provides ultra-sensitive early warning systems for critical infrastructure, and PhotonPath, a company that develops cutting-edge photonic integrated circuits for high-speed, low-power optical communications.

North Ventures

North Ventures is a Copenhagen, Denmark-based venture capital firm. Founded in 2018 (according to Tracxn) or 2019 (according to The SaaS News), they focus on assisting experienced and ambitious entrepreneurs in building innovative businesses, with a preference for Danish growth companies. Their investment themes lean towards technology and health, aiming to back “groundbreaking companies driving the global transition” in areas like energy and greentech, healthcare and life science, and IT & software. The fund’s existing portfolio is focused on the commercial sector with investments in companies like Plaace, which provides AI-enabled insights into locations for property investors, or Scaleup Finance, which is working to build an AI chief financial officer.

Calibre comment

Monitoring and understanding the electromagnetic spectrum has always been important to the defence industry. This importance has grown as forces have become more reliant on radio frequency communications. This growth has been exponential as forces seek to connect everything they deploy together in a concept often referred to as “any sensor, any shooter.” This will raise two primary challenges: ensuring no interference between units and that their communications systems work as needed, and being able to detect and degrade adversary systems, including electronic warfare jammers.

By Sam Cranny-Evans, published on July 17, 2025. The lead image is provided by Quadsat showing the further relationship between Quadsat, Join Capital, and North Ventures. Credit for that image is Quadsat.