Spaceflight Industries Raises $20 Million to Accelerate Growth
By Business Wire News
By Business Wire News
Spaceflight Industries, a next-generation, integrated space products and services company aimed at transforming the use of space, today announced it has secured $20 million in Series B funding co-led by RRE Venture Capital and Vulcan Capital with additional investment from Razor’s Edge Ventures.
Spaceflight Industries (Spaceflight) is the parent company of two well-established Seattle-area aerospace and space logistics companies: Andrews Space and Spaceflight Services. These businesses have now been combined under the Spaceflight brand to form a consolidated space products and services company focused on enabling new applications through the commercialization of space. This funding will accelerate the ongoing growth and development of Spaceflight’s subsidiaries: Spaceflight Systems (formerly Andrews Space), Spaceflight Services and Spaceflight Networks, which together provide comprehensive, cost-effective small-satellite solutions and services from development to launch, communications and operations.
“The small-satellite market has come of age and is now disrupting the traditional space industry,” said Jason Andrews, CEO of Spaceflight. “Nanosat and smallsat constellations are creating a whole new capability to provide persistent global awareness, and Spaceflight is uniquely positioned through all levels of this new value chain to lead and capitalize on this revolution. This investment validates our vision and market position.”
This latest financing round brings Spaceflight’s total funding to $27.5 million, with RRE, Vulcan and Razor’s Edge joining existing investors Chugach Alaska Corporation and Apogee. The funds will be used to hire additional engineering and software talent and drive strategic initiatives to further expand Spaceflight’s market reach and comprehensive capabilities. With the company’s current momentum, it expects to more than double the size of its workforce this year to expand operations.
As part of the financing, Spaceflight has added three new members to its board of directors to provide ongoing strategic guidance to its leadership team. They include Charles Beames, president of Vulcan Aerospace; Will Porteous, general partner of RRE Ventures; and Richard Fade, a partner at Ignition Partners serving as the independent director.
“We see a tremendous opportunity in the exploration and commercialization of space, especially within the smallsat industry,” said Charles Beames, president of Vulcan Aerospace. “Spaceflight is forging a new generation of integrated space services to enable easier, cost-effective access to the benefits and possibilities of space.”
Founded in 1999 as Andrews Space, Spaceflight Systems is a catalyst in the industry that provides development of affordable, high-performance satellite components and spacecraft. Spaceflight Services, the “space logistics company” founded in 2010, offers cost-effective, commercial “rideshare” launch services that open up access to space for more solutions and organizations. In 2014, Spaceflight expanded its services to include Spaceflight Networks, a new business dedicated to cost-effective spacecraft communications and operations for small-satellite customers.
“With its consolidated services and proven track record in the smallsat industry, Spaceflight is a pioneer in the emerging space market,” said Will Porteous, general partner of RRE Ventures. “We are thrilled to invest in Spaceflight’s effort to revolutionize space access.”
Since its founding, Spaceflight has met critical needs within the commercial and governmental satellite sectors by revolutionizing satellite creation, launch and communication to be more cost-effective, integrated and efficient. Through its lines of business, the company is currently building several satellites for customers and has launched 76 satellites through Spaceflight Services, which has more than 105 additional spacecraft under contract for launches scheduled through 2017.
Spaceflight is a next-generation, integrated space services and solutions company that is fundamentally changing how small satellites are built, launched and operated to improve access to space and enable persistent global awareness. Through its market-leading subsidiaries and service lines, including Spaceflight Systems, Spaceflight Services and Spaceflight Networks, the company provides cost-effective, comprehensive small-satellite products and services from development to launch, communications and operations. Headquartered in Seattle, Washington, Spaceflight provides its services worldwide through its global network of partners, ground stations and launch vehicle providers.
About RRE Venture Capital
RRE Ventures is an early-stage venture capital firm headquartered in New York City. Since our founding in late 1994 we have sought out and partnered with extraordinary entrepreneurs who seek to disrupt and transform industries. For more information, please visit www.rre.com.
About Vulcan Capital
Vulcan Capital is the multibillion dollar investment arm of Vulcan Inc., the company founded by Paul G. Allen to manage his philanthropic and business endeavors. The firm invests across all stages of corporate development including venture capital, growth equity and leveraged buyouts as well as investing in public equities and other liquid asset classes. Vulcan Capital’s current portfolio spans a range of industry sectors, including technology, Internet, mobile, life sciences, energy and natural resources, media and communications, and financial and information services. For more information, please visit www.capital.vulcan.com.
About Razor’s Edge Ventures
Razor’s Edge is a venture capital fund based in Herndon, Virginia founded by a group of entrepreneurs and executives from the national security industry. Razor’s Edge invests in, and partners with, private technology companies serving the national security market exclusively or in combination with other commercial and government markets. The Fund has a unique understanding of the national security community’s strategic priorities, and works tirelessly to identify and deliver disruptive technologies capable of advancing critical mission needs. For more information, visit www.razorsvc.com.
Communiqué PR for Spaceflight Industries
Danielle Zarrella or Sheridan Smalley