SpinLaunch Closes $71M Series B Funding Round

LONG BEACH, CA–(BUSINESS WIRE)–Spin Launch announced today that the company has closed a $71 million Series B financing round. The funds will be used to continue the development and commercialization of the world’s first kinetic launch system and satellite product line designed to enable low-cost, environmentally friendly, high-rate access to space.

The round was led by ATW Partners and includes Kleiner Perkins, GV, ATMA Capital, ONA Capital, Lauder Partners, McKinley Capital, Tyche Partners, as well as John Doerr, Brook Byers, Asher Delug, Chuck Brady, Andrew Farkas and Greg McAdoo. The Series B funding, which includes equity and debt, brings SpinLaunch’s total funding to $150 million.

“Over the past two years, SpinLaunch has demonstrated remarkable and sustained success even during difficult COVID times,” said Wen Hsieh, general partner of Kleiner Perkins. β€œWe share the company’s goal of realizing the full potential of the space economy by developing a revolutionary space launch system that is both highly cost-effective and environmentally sustainable.

β€œSpinLaunch’s mission is to provide the world with affordable and sustainable access to space. With the completion of our 33 meter suborbital mass driver, we have taken a major step in this direction.” explained CEO Jonathan Yaney. β€œWe have completed nine successful flight tests to date and withdrawn engineering risk as we pave the way to building our full-scale orbital launch system. In addition, the team continues to build a low-cost, mass-produced satellite product line, ensuring our customers have a uniquely differentiated platform for building space capabilities.

About SpinLaunch

SpinLaunch was founded by Jonathan Yaney in 2014 to reinvent space technology and provide sustainable and easy access to space. The company is building a ground-based kinetic launch system that will provide a much more cost-effective and environmentally friendly system for launching constellations of small satellites into low-Earth Orbit (LEO). SpinLaunch is based in Long Beach, California and built its suborbital mass accelerator at Spaceport America in New Mexico. The company aims to have satellites in orbit and deliver space payloads by 2026. In 2022, SpinLaunch was recognized by TIME Magazine as one of the most innovative companies.

Visit SpinLaunch.com for more information and videos. shortcut here for photos of the press kit

Source link

Also Read :  AM Best Affirms Credit Ratings of Premier Insurance Company Limited