Space Company Loft Orbital Raises $ 140 Million from BlackRock

The company’s YAM-2 spacecraft under integration for launch.

Loft orbital

Loft Orbital, a space infrastructure startup, has raised $ 140 million in a new funding round led by a huge investment in BlackRock.

The San Francisco-based company launched its first mission to space earlier this year. Loft plans to use the new capital to grow its business and double its team.

“The best way to think about us is to provide space infrastructure as a service,” Loft Orbital co-founder and COO Alex Greenberg told CNBC.

“If you have either a single payload or a constellation you want to place in space, but you don’t want to be a single building, or you don’t want to design your own satellite – deal with a manufacturer, deal with a launch provider. , And when it reaches space, it actually manipulates it – then you work with someone like us, ”Greenberg added.

The company has raised $ 130 million, including donations from investors such as CEAS Investment, Foundation Capital, Uncork Capital and Ubiquity VC. Loft also raised another $ 10 million from the same investor through convertible bonds. This meant short-term debt converted during the round, with total capital of $ 140 million.

Loft refused to disclose the post-price increase valuation.

A team of company engineers stands around the YAM-3 spacecraft.

Loft orbital

Besides San Francisco, Loft has manufacturing and facilities in Denver, Colorado and Toulouse, France. The company currently has 70 employees, and Loft co-founder and CEO Pierre Damien Boujour told CNBC that it expects to grow to about 160 by the end of 2022.

To date, Loft has launched two spacecraft (the company calls it YAM or “Yet Another Mission”). These are currently in orbit, each carrying several payloads for the customer. Loft has more than 20 customers to date, including NASA, DARPA, the US Space Force, and Honeywell.

After ordering in the space industry, Greenberg emphasized that traditionally “it takes 18 to 36 months for satellites to be delivered.” But to speed things up, Loft orders a spaceship “without even knowing what will fly,” he said.

“It’s like an inventory model or a distribution center model. We have satellites in-house, customers come up, paste them and send them to the launch site,” Greenberg said, and the business model is: Means Loft’s customers say, “If we go to space ourselves, we can get to space in a few months instead of a few years.”

Space Company Loft Orbital Raises $ 140 Million from BlackRock

Source link Space Company Loft Orbital Raises $ 140 Million from BlackRock

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