Space manufacturing company Apex locked up a $95 million Series B led by XYZ Venture Capital and CRV to ramp up its production of satellite buses.
The Los Angeles-based space tech startup is helping streamline the approach to satellites with the ability to mass produce spacecraft buses — the main body and structural component of satellites — to help growing demand from customers like the U.S. Department of Defense.
The new cash will allow the company to increase production to meet customer demand — following the launch of Apex’s first bus in March.
Apex also just recently opened a new factory to help the company step-up production.
“The West cannot achieve the capabilities we need in space at the necessary scale and speed without a productized approach to powering and supporting satellites,” said Apex CEO and founder Ian Cinnamon, in a release. “Coming on the heels of our first launch and numerous bus sales to commercial, government, and international customers, this fundraise is a vote of confidence in Apex’s vision and success.”
Founded in 2022, the company has raised $122 million, per Crunchbase.
Space tech funding
Apex seems to be riding the wave of growing interest in space tech among investors.
Funding to VC-backed space tech startups appears to be on the uptick this year, per Crunchbase data.
Last year, space tech startups raised $5.8 billion. However, through less than half of this year, such startups have already seen $3.3 billion roll into their coffers.
Related Crunchbase Pro list:
Illustration: Dom Guzman
Stay up to date with recent funding rounds, acquisitions, and more with the
Crunchbase Daily.
Source link
lol
