SpinLaunch Closes $71M Series B Funding Round

SpinLaunch Closes $71M Series B Funding Round

  • Funds
  • September 20, 2022
  • No Comment
  • 3

LONG BEACH, Calif.–()–SpinLaunch announced today that the company has closed a $71 million Series B funding round. The funds will be used to continue the development and commercialization of the world’s first kinetic launch system and satellite product line, designed to provide low-cost, high-cadence, environmentally responsible space access.

The round was led by ATW Partners, and includes Kleiner Perkins, GV, ATMA Capital, ONA Capital, Lauder Partners, McKinley Capital, Tyche Partners, as well as John Doerr, Brook Byers, Asher Delug, Chuck Brady, Andrew Farkas, and Greg McAdoo. The Series B financing, which includes equity and debt, brings SpinLaunch’s total funding to $150 million.

“In the last two years, even during difficult COVID times, SpinLaunch has shown remarkable and continued success,” said Wen Hsieh, General Partner of Kleiner Perkins. “We share in the company’s goal to realize the full-potential of the space economy by developing a revolutionary space launch system that is both very low-cost and environmentally-sustainable.

“SpinLaunch’s mission is to bring the world low-cost, sustainable access to space. We’ve taken a big step in that direction with the completion of our 33-meter Suborbital Mass Accelerator,” explained CEO Jonathan Yaney. “We have completed nine successful flight tests to date, retiring the technical risk as we prepare the way for the construction of our full-size Orbital Launch system. In addition, the team continues to build out a low cost, mass manufactured, satellite product line that will ensure our customers have a uniquely differentiated platform for building space capabilities.

About SpinLaunch

SpinLaunch was founded by Jonathan Yaney, in 2014, to reimagine space launch technology and enable sustainable and easy access to space. The company is building a ground-based, kinetic launch system that delivers a substantially less expensive and environmentally sustainable system to place constellations of small satellites into Low Earth Orbit (LEO). SpinLaunch is based in Long Beach, California, and has built its Suborbital Mass Accelerator at Spaceport America in New Mexico. The company is on target to place satellites into orbit and deliver payloads for spacefaring endeavors by 2026. In 2022, SpinLaunch was named as one of the most innovative companies by TIME Magazine.

For more information, and videos, visit SpinLaunch.com. Link here for press kit photos

Source link

Related post

Putin Escalates, Europe Hesitates by Simon Johnson

Putin Escalates, Europe Hesitates by Simon Johnson

In some quarters of Europe, the desire to give Russian President Vladimir Putin at least part of what he wants in…
Britain’s hard lessons from handing elder care over to private equity | Ap

Britain’s hard lessons from handing elder care over to…

LONDON — A little over a decade ago, Four Seasons Health Care was among the largest long-term care home companies in…

Healthium Medtech amongst the first in Asia and first…

– Meets highest safety and quality standards as a medical devices manufacturer Amongst the first medtech companies in Asia to receive…

Leave a Reply

Your email address will not be published.