Orbex, a Forres, Scotland, UK-based spaceflight company, raised £16.7M in extended Series C.
Backers included Scottish National Investment Bank, Octopus Ventures, BGF, Heartcore, the Export & Investment Fund of Denmark (EIFO) and a number of corporate and angel investors.
The company intends to use the funds to ramp up the development of Prime, its 19-metre long, two-stage rocket designed to transport small satellites into Low Earth Orbit. The aim is to ensure full readiness and scalability for its launch period.
Orbex now has 2 active patents in a number of European countries and the United States covering various parts of its rocket technology. It is empowered by a renewable bio-fuel, which allows the rocket to reduce carbon emissions compared to other similarly sized rockets being developed elsewhere around the world.
With testing and launch now in its sights, the company will soon enter a new phase of growth with a Series D funding round, which will aim to secure its long-term prospects as the leading orbital launch business in Europe.
Commenting on the news, CEO Phillip Chambers said: “Orbex is one of only two space rocket manufacturers in the UK, and the only one to also operate its own spaceport. Our technology is pivotal in making the UK a hub for European orbital launch, and we are entering a critical phase of development. We are building a sustainable, cost-effective launch vehicle to compete with the best of Europe’s spaceflight manufacturers. This additional funding will support our goal to push on into an operational launch phase, and scale our business when the time comes.”
FinSMEs
21/04/2024