Balnord
2, Place de Strasbourg, Luxembourg, 2562
Overview
Great things frequently take time to take off. We think, act, and invest long term
- Total investments
- 7
- Lead investments
- 4
- Investments · 12mo
- 6
- Active investors
- 4
Investment portfolio
- ATMOS Space Cargo
Led · Series A · Apr 2026
ATMOS Space Cargo develops free-flying orbital transfer and re-entry vehicles (PHOENIX family) and offers space logistics services to commercial, institutional, and defence customers. PHOENIX 2 is described as a free-flying spacecraft with integrated propulsion and power capable of missions from hours to several months in LEO, performing autonomous de-orbit and controlled atmospheric re-entry using an Inflatable Atmospheric Decelerator (IAD) that is non-ablative and acts as a heat shield and aerodynamic brake. The company plans an initial three-vehicle PHOENIX 2 fleet operated as a phased campaign and is preparing recovery operations near Santa Maria in the Azores under an ANACOM licence. ATMOS is also developing PHOENIX 3, a next-generation return vehicle with an intended payload capacity of roughly one metric tonne, about ten times PHOENIX 2’s capacity. To serve governmental and defence needs it is launching ATMOS WORKS, a dedicated dual-use business unit. The company raised €25.7M in a Series A to fund these activities, including the PHOENIX 2 build, ATMOS WORKS launch, and PHOENIX 3 development, with participation from the EIC Accelerator which provides blended grant and equity financing.
- Sapient Perception
Led · Seed · Apr 2026
Sapient Perception develops 10K software-defined cameras and an edge processing pipeline that deliver large-area perception for UAVs, claiming up to 100× larger coverage than conventional sensors at comparable resolution. Its stack processes imagery on-board to provide real-time, actionable insights and supports customer-preferred AI models, addressing bandwidth and latency constraints. The company highlights NDAA-compliant, ITAR-free sourcing and a fully trusted allied supply chain. Sapient is working with partners such as Dropla Tech to integrate sensors into low-flying convoy protection UAVs used by the Ukrainian Ministry of Defence, and with integrators deploying sensors on high-altitude and stratospheric ISR platforms. The startup announced a €2M pre-seed raise to accelerate product development, expand its engineering team, and support initial deployments. Founders Anthony Garetto (CEO), Lau Norgaard (CTO), and Michael Messerschmidt (CBO) bring a combined 45+ years of experience in sensor architecture, imaging technology, and defense markets.
- Avenue Biosciences
Led · Seed · Jan 2026
Avenue Biosciences has built what it says is the first platform capable of measuring and modulating the cellular secretory pathway at scale, coupling massively parallel wet-lab screening of 5,000–6,000 signal peptide variants with machine-learning models. By identifying optimal peptide “addresses” in a single experiment, the technology can rescue stalled projects and shave years off traditional, sequential trial-and-error workflows. Originating from years of research at the University of Helsinki, the platform already serves contract development and manufacturing organizations (CDMOs) and pharmaceutical companies, and the firm generated revenue in its first year after emerging from stealth at the end of 2024. Investors see the approach as a route to lowering costs and unlocking complex biologics that have previously failed due to poor expression yields. The company combines experimental data with computational insights, continually refining prediction tools as scientific understanding deepens. With total capital raised now at $8.7 million, Avenue plans to channel fresh funds into expanding its team of wet-lab scientists and strengthening its scientific capabilities before broader commercial scale-up.
- Infinite Orbits
Participated · Equity · Nov 2025
Infinite Orbits builds and operates satellites intended to strengthen Europe’s sovereign communications and observation capabilities. The company positions itself as a regional alternative to large constellations such as SpaceX’s Starlink. With fresh capital in hand, Infinite Orbits plans to open new offices in Luxembourg, Spain, the United Kingdom, Germany and Poland, broadening its commercial and engineering footprint across the continent. Management stated that it currently holds an order backlog worth €150 million covering the next three years, signaling early commercial traction. The firm frames its growth as part of a broader European push to consolidate satellite production and services. By adding geographic reach and production capacity, Infinite Orbits aims to accelerate deployment of its satellite fleet and associated services.
- Skycore Semiconductors
Participated · Seed · Nov 2025
Skycore Semiconductors is a Denmark-based fabless chipmaker focused on silicon-validated Power Integrated Circuit technology designed to meet the extreme power density and efficiency requirements of emerging 800V high-voltage direct current (HVDC) architectures in AI data centres. Its platform delivers compact, flat-form-factor solutions that address a critical bottleneck in scaling AI infrastructure power systems. The company controls six patent families underpinning its technology and is currently preparing its first commercial products. An eight-person team is collaborating with strategic partners to bring these solutions to market and gradually expand headcount. Skycore envisions extending its leadership in Power ICs beyond AI facilities to other high-power applications requiring similar voltage ranges. To date, the startup has raised €5 million in seed financing to support product development and initial go-to-market efforts.