Everyone these days wants to get to the mars these days. India recently made an attempt to reach the mars through its space agency ISRO. NASA and SpaceX are the other two companies that are working on their plans.
LA-based Relativity Space, a company that wants to put out first rockets on Mars has now bagged a $140 million in its Series C financing. Venture capital firm Bond and Tribe Capital are the backers leading the financing. The round also saw participation from Tiger Global partner Lee Fixel, Creative Arts Agency founder Michael Ovitz, Zillow co-founder Spencer Rascoff, Republic Labs, and Jared Leto.
Prior to this round, the firm had picked up $35 million in the Series B funding led by Playground Capital. The current infusion takes the total amount raised by the firm to $185.7 million. Mark Cuban and Y Combinator are also investors int the firm.
Launched in 2016 by Jordan Noone and Tim Ellis, the company plans to 3D print its rockets in order to reduce the workforce costs. The firm with the help of its Stargate printers and its $10 million Terran 1 rocket says that it wants to build the rockets within weeks instead of years.
Commenting on how the firm intends to use the funding, CTO and co-founder Jordan Noone said, “That round will carry us past the first flight of Terran 1. This round is all the capital required to get to first flight, build out more of the Mississippi test site, Launch Complex 16 in Florida and expand our L.A. headquarters and manufacturing.”
It will be interesting to see if Relativity Space can challenge the likes of SpaceX in the rocket-making industry. The freshly raised funds will surely allow the firm to flex its muscles.
Image Courtesy : TheSiliconReview