A startup creating the next-generation of spacecraft propulsion today has raised 拢8.3m in a seed funding round as it looks to establish a US office.
Oxfordshire-based Magdrive will also use the funding to continue research and development for its high-thrust electric propulsion systems for all sizes of satellites, as well as build a manufacturing facility in the UK.
The funding was led by pan-European venture capitalist Redalpine.
The company is currently preparing for the first in-space tests of its Magdrive Rogue thruster, which is set to launch in June this year in collaboration with D-Orbit.
It says it is set to provide the rapidly growing satellite constellations market with a high-thrust and high-efficiency solution at low mass and volume.
鈥淢agdrive represents the next generation of spacecraft propulsion,鈥� said Magdrive CEO Mark Stokes.听
鈥淭urning humanity鈥檚 grand ambitions in space into a reality with mega constellations, asteroid mining, and in-space servicing, assembly, and manufacturing; all the building blocks to make us a space faring civilisation.鈥�
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Redalpine general partner, Harald Nieder, added: 鈥淢agdrive鈥檚 technology has tremendous potential to change the game in spacecraft propulsion to solve big pain points in the status quo, including manoeuvrability and longevity.听
鈥淧ropulsion is literally driving the emerging space economy. We are delighted to back Tom, Mark, and the team as they push forward this leap in spacecraft propulsion.鈥�
Founders Fund, who led Magdrive鈥檚 first funding round, and Balerion, Alumni Ventures, Outsized Ventures, 7percent, and Entrepreneur First also contributed to the round.听
Magdrive raised a pre-seed round of 拢1.6m in 2020 and has also received over 拢8m of government funding to date, including support from the UK government, UK Space Agency, and European Space Agency.听
The startup鈥檚 long-term goal is to scale up its propulsion system to support grander ambitions in space.