Xona Space Systems, a San Mateo, CA-based pioneer in navigation technologies from Low Earth Orbit (LEO), raised a financing round that brings their total funding to over $25M.
The round was led by First Spark Ventures who is joined by numerous new investors including Lockheed Martin Ventures, SRI Ventures (of SRI International), Velvet Sea Ventures, Gaingels, Airstream Venture Partners, and Space.VC. Existing investors Seraphim Space, Toyota Ventures, 1517 Fund, MaC Venture Capital, and Stellar Ventures also participated.
The company intends to use the funds to accelerate the development of its high-performance commercial satellite navigation network.
Led by CEO Brian Manning, Xona is focused on the development of Pulsar – a Low Earth Orbit (LEO) satellite navigation system designed to provide resilient and trusted centimeter-level position anywhere on the globe. Within the past year the company more than doubled their full-time headcount, launched their first orbital mission, and signed agreements with major players across the GPS/GNSS ecosystem such as Hexagon | NovAtel and Spirent Federal.
The new capital will accelerate the development of Pulsar through several critical design milestones by expanding the team and building out Xona’s new R&D and manufacturing facility in Burlingame, CA to enable more rapid design cycles and prepare for production. Xona’s first demonstration mission, Huginn, was successfully launched in May 2022, and their second mission, Muninn, is planned to launch in 2023.
FinSMEs
04/08/2022