A Cardiff-headquartered start-up has closed one of Europe’s largest ever seed rounds for a space tech company, raising $10.2m.
Space Forge’s aim is to advance the expansion of the microgravity market for premium research and development applications by lowering the barriers to entry.
Dedicated in-space manufacturing enables Space Forge to leverage the benefits of the space environment, namely microgravity, vacuum and temperature to create products impossible to manufacture on Earth.
Space Forge recently announced that, along with partners, it is developing a service incorporating both launch and return of a new small class of vehicle – the ForgeStar – that can be deployed from conventional launchers to provide reusable in-space infrastructure.
It has now been backed in a round co-led by US-based SpaceFund and Type One, as well as Berlin’s World Fund.
Other backers include SpaceVC, Starbridge Venture Capital, Quiet Capital, Kencoa Aerospace, Trousdale Ventures, Dylan Taylor and FJ Labs, as well as Newable Ventures.
The Development Bank of Wales was an initial investment partner of Space Forge.
Space Forge will use the funding to take the next steps in its journey towards the first launch and return of a ForgeStar.
Chief technical officer and co-founder Andrew Bacon said: “Over the last three years we have taken our return technology from paper designs to real hardware. This support from our investors will supercharge our development plans to lead the way in making space work for humanity.”
Chief executive and co-founder Joshua Western added: “Making space work for humanity and our planet has always been our goal and this investment enables us to build our first generation platforms and undertake several missions in pursuit of that goal. We’re just getting started.”
Source: Insider Media Limited