Terran Orbital completes Series “B” financing
(6 August 2018 - Terran Orbital) Terran Orbital Corporation announced today the successful completion of a Series “B” round, which raised $36 million from investors that included existing investor Lockheed Martin, Beach Point Capital managed funds, and Goldman Sachs. Additional terms of the transaction were not disclosed.
“The nano- and microsatellite industry continues to gain traction with key market participants who are eager to gain access to the benefits our satellites afford, including the most current technology, economic form-factor and the speed at which we can move from design to launch,” commented Marc Bell, co-founder and Chairman of Terran Orbital Corporation. “Our investors believe in our vision that space needs to be more responsive, economical and technologically viable.”
“Terran Orbital is a leading innovator in micro and nanosatellite technology,” noted Chris Moran, Executive Director and General Manager of Lockheed Martin Ventures. “Together we work to provide responsive and innovative solutions for our customers. Lockheed Martin chose to expand upon our existing relationship with Terran Orbital, as both an investor and a customer, to support the LM 50 Series Satellite Bus System. We look forward to continuing our work together so we can better enable our customers to confront the challenges of today.”
Proceeds from the financing will be used to purchase additional manufacturing equipment for Terran Orbital’s new, 40,000 square foot design and production facility, and to expand its workforce. As the largest manufacturer of nanosatellites in the world, the new facility will be capable of supporting the design and production of the largest constellations.
Commenting on the industry dynamics, Tony Previte, co-founder and Chief Executive Officer of Terran Orbital Corporation, noted, “With the added capacity of our new facility, Terran Orbital is well-positioned to meet the tremendous demand from our government, military and commercial customers to gain access to our nano- and microsatellite technology. Our ability to cost-effectively design, build and launch our small satellites within 6-12 months puts us in an enviable, competitively-advantaged position.”
About Terran Orbital Corporation
Founded in 2013 and headquartered in Irvine, California, Terran Orbital is a leading innovator and provider of end-to-end nanosatellite and microsatellite services and solutions for U.S. government agencies and commercial enterprises. The Company is a pioneer in the miniaturization of space technologies, making space responsive, with the ability to quickly and economically design, build and launch state-of-the-art satellites.