Agile Space Industries last Friday said it has completed a $13 million investment round that included Lockheed Martin Ventures to help the small space engine company with its expansion plans.
The funding round was led by Caruso Ventures
and also included Greater Colorado Venture Fund, CORI Innovation Fund and Greenline Ventures. Lockheed Martin Ventures is the venture capital arm of Lockheed Martin [LMT]. So far, Agile Space has raised more than $18 million in seed funding.
Agile Space, which is based in Durango, Colo., is developing in-space chemical propulsion products, including thrusters and engines for spacecraft attitude, control, and propulsion.
In April, the company said its A110 bipropellant thruster had been qualified for lunar landers, the first U.S.-built thruster for lunar landers since the Apollo program. Agile Space said it is building dozens of A110 flight units that will be used by multiple customers for lunar missions.
Agile Space said the seed round will help it increase the capacity of its chemical propulsion test infrastructure.
Later this year, Agile Space will open a Series A investment round to raise funding to scale up production in support of customer demand.
“Since 2020, revenues have grown more than 70 percent annually as we emerged as the global leader of in-house metal additive manufacturing and hypergolic propulsion test capabilities,” Chris Pearson, Agile’s CEO, said in a statement. “Our customers benefit from our novel designs that push performance while dramatically reducing development and qualification lead-times.”