Magdrive, a Harvell, U.K. electric propulsion startup, raised $10.5m in seed funding.
Backers included redalpine, Balerion Space Ventures, Founders Fund, Alumni Ventures, 7percent Ventures, Outsized Ventures, and Entrepreneur First.
The company intends to use the funds to develop its next generation plasma thrusters.
Led by CEO Mark Stokes, Magdrive is developing the Rogue, a compact, high-thrust electric propulsion system for satellites and spacecraft in LEO today, deep space and beyond tomorrow.
The company plans to open a U.S. subsidiary in Los Angeles, as well as to build a U.K. manufacturing facility, and conduct on-orbit tests of high-power electric plasma thrusters.
Magdrive had raised $2m in pre-seed funding in 2020.
FinSMEs
27/02/2025