NEWS: Space Startup Raises $35 Million. SpinLaunch Says Will Use Funds on Hiring and Building Out Long Beach HQ……
A startup that’s developing a kinetic launch system has raised $35 million.
SpinLaunch, with HQ in Long Beach, announced the news in a January 16 press release.
The company said its designing “the lowest-cost, environmentally- responsible orbital launch system,” which will target the rapidly-growing, small satellite industry.
It’s now raised $80 million to date.
The funding is being used to hire employees in Long Beach and at its New Mexico test facility.
Investors in the recent raise included Airbus Ventures, GV, KPCB, Catapult Ventures, Lauder Partners, John Doerr and the Byers Family.
More About SpinLaunch
In early 2019, SpinLaunch relocated to a140,000-s.f. facility in Long Beach.
Funds from the recent raise will be used for the buildout of this corporate HQ and investing in equipment and machinery to be a “world-class” R&D manufacturing facility.
The company plans its first flight test later this year.
It claims its tech is creating a system that “accelerates the launch vehicle to hypersonic speeds using ground-based electricity.”
“Applying the initial performance boost from a terrestrial-based launch platform will enable the company to provide a substantially lower cost launch to orbit, multiple times per day,” it claims.
SpinLaunch was founded in 2014, by Jonathan Yaney, who serves as CEO.
He’s a 1,000-plus hour pilot and serial entrepreneur with 15 years’ experience founding companies in the IT, construction, consulting, and aerospace industries.