Lockheed Martin Ventures has participated in Agile Space Industries‘ seed funding round, contributing $13 million. Agile, a leader in space chemical propulsion products, will use the funding to improve its manufacturing operations and meet the needs of several lunar mission customers. Agile Space is also a leader in the use of metal 3D printing.
Agile, which did not disclose the valuation, has now raised more than $18 million.
The company aims to develop a new generation of chemical propulsion products and technologies for space. It recently announced the qualification of its first product, the A110 engine, which will be used in dozens of flight units for lunar landings.
Chris Pearson, Agile’s CEO, said: “Since 2020, revenues have grown more than 70% annually as we emerged as the global leader of in-house metal additive manufacturing and hypergolic propulsion test capabilities. Our customers benefit from our novel designs that push performance while dramatically reducing development and qualification lead-times”.
“Lockheed Martin is at the forefront of technological advancement and innovation in today’s evolving space economy,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “Our investment in Agile Space Industries underscores our commitment to the development of breakthrough technologies that bring us closer to discovering more of space.”
The Seed 2 funding will help support business expansion and increase the capacity of the chemical propulsion test infrastructure. Toward the end of this year, Agile plans to raise a Series A investment round to support scaling of production operations.
“The Greater Colorado Venture Fund (GCVF) is incredibly excited about Lockheed Martin Ventures’ investment into Agile Space Industries and the revolutionary work that Agile is performing,” said Cory Finney, Fund Manager for GCVF. “The success of the wider Seed-2 round will allow the company to continue to attract world-class talent to its rural community after hiring more than 30 people in 2022.”
“Caruso Ventures is proud to back the Agile team as it designs and delivers unique high-performance chemical propulsion products for traditional and non-traditional space customers,” added Dan Caruso, Agile Board Member and Managing Director of Caruso Ventures.
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