- General
- October 19, 2018
- 4 minutes read
Microsatellite launch startup Vector Launch raises $70 million Series B round
image credit : Vector Launch Vector Launch, A micro-satellite launch startup based out of Arizona whose team comprises of space…
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| image credit : Vector Launch |
Vector Launch, A micro-satellite launch startup based out of Arizona whose team comprises of space and enterprise software industry veterans from the likes of VMware, Virgin Galactic, SpaceX, Boeing, Sea Launch and McDonnell Douglas has closed on $70 million in Series B funding led by Kodem Growth Partners with participation from Morgan Stanley Alternative Investment Partners and existing investors Sequoia, Shasta Ventures and Lightspeed Ventures.
As part of this deal, Kodem Growth partner Philip Friedman will be joining Vector’s board which already count Bill Coughran from Sequoia, former Northrop Grumman CFO James Palmer along with the startup’s founding team Jim Cantrell, John Garvey and Shaun Coleman as members.
Vector Launch which has now raised about $123 million in total equity has already inked several achievements which include receipt of 12 issued U.S. patents for Vector software defined satellite technology and critical launch vehicle components, a strategic partnership with Citrix Systems, expansion of sales to Japan and other Asia markets and an increase of its footprint with a new Silicon Valley headquarters to facilitate opening of its software defined satellite division, GalacticSky as well as growth in sales and marketing.
“Low earth orbit satellite launches are projected to grow nearly four times in the next four years, but no dedicated launch platform exists with robust capability to get small satellites into space,” Lightspeed partner Alex Taussig stated. “We believe in Vector’s ability to capitalize on the tremendous customer interest through its launch services, which is why we’ve increased our investment in this round.”
“Vector is entering an extremely important phase of our journey, transitioning from a focus on research and development to flight operations and profitability. This Series B financing is a critical element in Vector’s mission to improve access to space and become a dominant launch provider to the small satellite industry,” Vector CEO and SpaceX founding team member Jim Cantrell also stated.
Vector launched in April 2016 and had a successful first sub-orbital launch in that same year. It launched its first ever rocket from Spaceport Camden August last year and has taken on several strategic partnerships and efforts in collaboration with other companies since its start on fields ranging from virtualization software technology for satellites, expansion of availability of small launch vehicles throughout Japan and other Asian markets and even efforts to host its decentralized cryptocurrency in space using its GalacticSky Software-Defined Satellite platform.
