Orbex, a Moray, UK based space startup which develops small payload reusable rockets raised US$ 24 million funding on 10th December 2020. The round was led by the early stage venture capital BGF and one of the largest and active venture capital of Europe Octopus Ventures.
The existing investors Hi-Tech Gründerfonds, Elecnor SA (which is the parent company of Deimos Space) and Heartcore Capital also participated in the funding round. This new investment will provide the funding for the first launch from the Sutherland Spaceport in Scotland.
Keith Barclay, an investor at BGF said, “Orbex is a remarkable UK company which is a strongly developing innovative and differentiated logon solution for the small satellite market which is growing at a fast speed. They are recognized leaders in Europe and have an experienced team with substantial institutional support, patented technology and a growing list of customers. For both the Scottish and UK governments the private space sector is a key future industry and we are very excited for supporting one of the most attractive examples of this growing sector.”
It has developed one of the high performance low carbon and most advanced micro launched vehicles across the world. They launch the consumer satellites in the sun synchronous and polar Earth orbits from modern and unique launch locations in Europe.
The Orbex team consists of professionals with backgrounds in the ESA, NASA and other commercial space light enterprises. The equipment team at Orbex owns has flown 50 plus deep space missions and overall they have built 50 plus rocket engines and several supported metal and orbital launch vehicles Arian 5, 6 and ATV.
The startup has also received a grant of 2.5 million from Europe for present 2020 under the SM instrument program for supporting the development of their patented coaxial tanking technology. Also in 2018, they won a funding grant of €15.5 million from the UK space agency under the launch UK program and also closed their £30 million funding round.
About Orbex
Founded in 2018 by Chris Larmour, the company is headquartered in the UK with its designing unit in Denmark. Orbex is built within an environmentally sustainable system of launching which uses biopropane. Biopropane is a renewable bio field which reduces the CO2 emissions by around 90% as compared to the traditional rocket fuels like kerosene. They are designed to be recoverable, reusable and the rocket leaves no waste in the orbit around the earth or the ocean.
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