PLD Space announced raising €7 million from Arcano Partners

PLD Space, an Elche, Spain-based space company, announced that it raised a €7 million ($8.3M) venture investment round.

The money was provided by existing investors including Arcano Partners and will be used to fund the buildout of the PLD Space aerospace project.

PLD Space, founded in 2011 as Payload Aerospace S.L. and led by Raúl Verdú, is developing two partially-reusable launch vehicles called Miura 1 and Miura 5. Miura 1 is designed as a sounding rocket for sub-orbital flights to perform research or technology development in microgravity environment and/or in the upper atmosphere.