Spacetech start-up Momentus closes $25.5m Series A funding

18 Jul 2019206 Views

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

A satellite in orbit over Earth. Image: © Paopano/Stock.adobe.com

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

With the $8.3m in seed funding Momentus raised last year, this brings the start-up’s total funding to almost $34m.

Yesterday (17 July), Silicon Valley in-space transportation start-up Momentus announced that it had closed a Series A funding round with $25.5m.

The start-up, which describes its ambitious goal as offering “the space equivalent of the connecting flight”, was established in 2017.

Momentus says it is “a services company focused on the destination, not a product company focused on hardware”, and that it is “laying the groundwork for the entire in-space transportation industry”.

Investment was led by Prime Movers Lab, and there were also contributions from Y Combinator, the Lerner family, the University of Wyoming Foundation, Quiet Capital, Mountain Nazca, ACE & Company, Liquid 2 Ventures and Drake Management.

With the $8.3m in seed funding Momentus raised last year, this brings the start-up’s total funding to almost $34m.

Development

The start-up is in the process of building two vehicles: Vigoride, which will move satellites within low Earth orbit, and Vigoride Extended, which will move satellites from low Earth orbit to geostationary transfer or geostationary orbit.

This latest investment will be used to speed up the development and testing of both of these products.

Dakin Sloss, founder of Prime Movers Lab, expressed his confidence in the spacetech company: “In the past 18 months, Momentus has rapidly matured its water plasma propulsion system to deliver the world’s safest and most affordable in-space transportation services. They recently launched their first demonstration and are on track to radically reshape the landscape of the space economy.”

This first demonstration was launched on 5 July and is still ongoing. Mikhail Kokorich, founder and CEO of Momentus, declined to comment on that particular demonstration at the Space Tech Summit in Santa Clara on 11 July.

Kokorich said that by 2020, Momentus plans to conduct Vigoride demonstration flights and a “semi-experimental mission” to attract interest and generate its first revenue.

According to TechCrunch, commercial launch services are expected to reach $7bn by 2024, which is increasing demand for start-ups such as Momentus and Akash Systems that offer more than just “basic launch services”.

Kelly Earley is a journalist with Siliconrepublic.com

editorial@siliconrepublic.com