Filenews 14 February 2026
Four startups are joining the Space BIC business incubation program, which aims to develop space-based entrepreneurship in Cyprus, as announced at an event held in Nicosia.
Periopsis, SatelliteLegal AI, Orizontas and Gaia Intelligence were selected after an evaluation process and received de minimis funding of €50,000 each, without share capital transfer. The funding aims at the development of prototypes, the validation of technologies and the expansion of innovative solutions.
The Space BIC (Space Business Incubation Centre) program is operated by the ERATOSTHENES Center of Excellence of the Cyprus University of Technology, with the support and funding of the Deputy Ministry of Research, Innovation and Digital Policy. The aim is to empower startups and entrepreneurs who utilize satellite data, space technologies and geoinformatics services.
Evaluation process and strategic selection
A total of 13 applications were submitted, which were assessed by three independent experts, following a detailed process that included oral presentations. After the completion of the evaluation, the four companies were selected for inclusion in the program.
The Deputy Director General of the Deputy Ministry, Georgios Komodromos, said that the decision to support four teams in a single acceleration cycle, instead of two separate cycles, was a strategic choice.
As he noted, the initiative is part of a broader strategy to shape a strong startup culture and enhance the competitiveness of space-related businesses, both locally and internationally.
Strengthening the role of Cyprus in the space ecosystem
Particular reference was made to the recent accession of Cyprus as a member of the European Space Agency (ESA), a development that, as pointed out, strengthens the country's role in the European space landscape and creates new opportunities for organizations, researchers and startups.
The CEO of the ERATOSTHENES Center of Excellence and Professor of CUT, Diophantos Hatzimitsis, stated that the program is fully aligned with the principles of ESA BIC and is implemented in collaboration with other centers, such as ESA BIC Bavaria and ESA BIC Portugal, with the aim of adopting best practices.
The event was attended, among others, by the Secretary General of the Cyprus Chamber of Commerce and Industry (CCCI), Filokypros Roussounides, as well as representatives of diplomatic missions of European countries.
