24 Oct 2018_campuscad
Vector the miniature satellite launch company from USA bags $70 million in series B funding by Kodem Growth Partners.
PRNewswire releases the statement.
“Vector is entering an extremely important phase of our journey, transitioning from a focus on research and development to flight operations and profitability. This Series B financing is a critical element in Vector’s mission to improve access to space and become a dominant launch provider to the small satellite industry,” said Jim Cantrell, CEO and co-founder of Vector.
The private satellite launch industry is comparatively having very small number of players. SpaceX, Boeing, Virgin Galactic and Blue origin are the few startups which are testing their own launch vehicles and rockets.
SpaceX and Boeing already in contract with the NASA to transport the payload to International space station (ISS). But there Payload capacity is huge like 25000 Kg as compared to Vector’s .
At present vector aims to fix its position in the smaller segment to put 50-60 kg satellite into the lower earth orbit in a small time.
It will be on demand service with low-cost of production and launch.
Funding will be used to build the number of rockets and brand new factory which can help to speed up the operations and launch of satellites.
Sequoia Capital, Lightspeed Venture Partners and Shasta Ventures also participated in the round as per the press release.
Meanwhile SpaceX has developed the technology of reusable rockets which reduces production cost of the rockets and overall operation cost.
Global satellite market was estimated $260.5 billion in 2017 and 11% out of them belongs to small satellite segment.
Smaller satellites are used in home television, broadband and Earth observation services etc.
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