Deep Space Industries (DSI) has closed their first tranche of Series A funding round.
The company raised just over US$3.5 million from private investors. The funding will be used to develop Meteor™, the company’s new launch-safe bi-propellant rocket engine as well as to continue the ongoing development of the Xplorer™ spacecraft, the company’s deep space exploration platform scheduled for launch in 2020.
The company recently announced two significant contracts for its water-based Comet™ propulsion systems for small satellites and plans to release Meteor™, its second-generation propulsion system, later this year.
Deep Space Industries plans to launch the first private deep space mission in 2020, using the firm's Xplorer spacecraft. This funding round allows the company to accelerate the development of this compact, affordable, and versatile exploration spacecraft that can be used for a wide range of scientific and commercial missions in Earth orbit and throughout the inner solar system.
Bill Miller, the CEO of DSI, said that with the growing interest in the firm's green propulsion systems, this funding round ensures that the company will be able to meet customer demand, while also moving forward with more advanced systems and spacecraft.
Eric Uhrhane, one of several private investors in this round, noted that Deep Space Industries has rapidly developed a leadership position in the space technology marke. The propulsion and spacecraft technologies this team have developed over the last few years will dramatically lower the cost of access to deep space.