TUCSON, Ariz. -- Vector Space Systems has secured $70 million in a Series B funding round led by Kodem Growth Partners, in conjunction with Morgan Stanley Alternative Investment Partners. Existing investors Sequoia Capital, Lightspeed Venture Partners and Shasta Ventures also participated in the round.
As part of the Series B financing round, Vector welcomes Philip Friedman, Operating Partner at Kodem Growth Partners, to its board of directors. Vector's current board includes Bill Coughran from Sequoia, James Palmer formerly of Northrop Grumman Corporation, as well as Jim Cantrell, John Garvey and Shaun Coleman from Vector.
Vector is developing two small launch vehicles. The first, called the Vector-R, will be powered by three of the company's new engines, while the larger, called Vector-H, will be powered by six engines. Vector expects the use of propylene fuel will enable its rocket engines to provide higher performance with smaller fuel tanks than would be possible using traditional fuel like RP-1 or methane. In addition, the use of propylene means the company will not need to use turbo-pumps typically used in launch vehicles.
Vector has moved quickly to develop and begin operation of its launch vehicles. The company continues to move quickly. The company received a patent for its rocket engine in September and quickly followed up with the announcement of the Series B financing round. Its first mover advantage gives the company access to patents and enables it to complete development of components before others are able to make similar accomplishments.
You have 0 item(s) in your cart