Four startups have been selected to join the Cyprus Space BIC programme, receiving €50,000 each in non-dilutive funding to develop space-related technologies and services.

The selected teams: Periopsis, SatelliteLegal AI, Orizontas and Gaia Intelligence, were presented on Friday in Nicosia. The funding, granted under the EU’s de minimis framework, does not require any equity stake and is intended to support prototype development, technology validation and market scaling.

Building a space innovation ecosystem

The Space Business Incubation Centre (Space BIC) in Cyprus is operated by the ERATOSTHENES Centre of Excellence at the Cyprus University of Technology, with financial and institutional backing from the Deputy Ministry of Research, Innovation and Digital Policy.

The programme targets startups that use satellite data, space technologies or geoinformation services to develop commercial applications.

Acting Permanent Secretary of the Deputy Ministry, Georgios Komodromos, described the initiative as part of a broader strategic vision to strengthen Cyprus’ role in high-tech sectors.

He noted that, in this cycle, four startups were supported simultaneously instead of two in separate rounds, calling it a deliberate move to accelerate momentum in the sector.

Cyprus’ recent accession to the European Space Agency was also highlighted as a key development, expanding opportunities for Cypriot researchers, businesses and institutions within the European space industry.

A regional ambition

Diofantos Hadjimitsis, Managing Director of the ERATOSTHENES Centre and professor at CUT, said the initiative contributes to Cyprus’ ambition to position itself as a regional hub for digital innovation in research, technology and entrepreneurship.

The event was attended by representatives of the business community and foreign missions, including the Secretary General of the Cyprus Chamber of Commerce and Industry, Philokypros Roussounides, alongside diplomatic representatives from Germany, France, Greece and Hungary.

With direct funding and growing links to European space structures, the programme signals Cyprus’ intent to carve out a niche in the rapidly expanding space and satellite technology market.

Source: CNA

Eratosthenes Centre #

Space Tech Startups Take Off Under Cyprus Space BIC