In-space transportation startup, the Santa Clara-based Momentus has announced that it is raising $25.5 million Series A capital from Prime Movers Lab. Y Combinator, the Lerner Family, the University of Wyoming Foundation, Quiet Capital, Mountain Nazca, ACE & Company, Liquid 2 Ventures, and Drake Management also participated in the financing round. In November last year, the firm had raised $8.3 million in seed financing from the same investor. The current additional fund takes the total amount raised by the firm to $33.8 million.
Founded by Lev Khasis and Mikhail Kokorich in 2017, the firm provides in-space transportation to satellites. Vigoride is one of their transportation vehicles which will move the satellites in low Earth orbit while Vigoride Extended is the other one meant to transport satellites from low Earth orbit to geostationary transfer or geostationary orbit. The fresh funds will help the firm speed up the development and testing phase of the two vehicles. It will also go towards the making of in-house research and development for the company’s technology.
Prime Movers Lab founder and general partner Dakin Sloss commenting on the funding said, “In the past 18 months, Momentus has rapidly matured their water plasma propulsion system to deliver the world’s safest and most affordable in-space transportation services. They recently launched their first demonstration and are on track to radically reshape the landscape of the space economy. I look forward to Momentus delivering on their massive backlog of contracts and partnerships with NASA, SpaceX and other top players in the space ecosystem.”
Notably, the company has planned three flights in 2020 and the additional infusion has come at the perfect time for the firm.
Image Courtesy : Momentus