Deep Space Industries Raises $3.5M+ Series A to Fund New Propulsion System and Deep Space Exploration Spacecraft16 Apr 2018, 19:09 UTC
DSI’s new Meteor rocket engine under test.
Deep Space Industries (DSI), a leading space technology company, announced today the closing of the first tranche of its Series A funding round. The company raised just over $3.5M from private investors. The funding will be used to develop MeteorTM, the company’s new launch-safe bi-propellant rocket engine, and continue the ongoing development of the XplorerTM spacecraft, the company’s deep space exploration platform scheduled for launch in 2020.
“Deep Space Industries has rapidly developed a leadership position in the space technology market”, said Eric Uhrhane, one of several private investors in this round. “The propulsion and spacecraft technologies this team have developed over the last few years will dramatically lower the cost of access to deep space, and I’m excited to be a part of that.”
The company recently announced two significant contracts for its water-based CometTM propulsion systems for small satellites, and plans to release MeteorTM, its second-generation propulsion system, later in 2018.
“With the growing interest in our green propulsion systems, this funding round ensures that we’ll be able to meet customer demand, while also moving forward with our more advanced systems and spacecraft,” said Bill Miller, chief executive of DSI. “Our ...