DSI raises funding for new propulsion system and deep space exploration spacecraft
(17 April 2018 - Deep Space Industries) Deep Space Industries (DSI) announced today the closing of the first tranche of its Series A funding round. The company raised just over $3.5M from private investors. The funding will be used to develop MeteorTM, the company’s new launch-safe bipropellant rocket engine, and continue the ongoing development of the Xplorer spacecraft, the company’s deep space exploration platform scheduled for launch in 2020.
“Deep Space Industries has rapidly developed a leadership position in the space technology market”, said Eric Uhrhane, one of several private investors in this round. “The propulsion and spacecraft technologies this team have developed over the last few years will dramatically lower the cost of access to deep space, and I’m excited to be a part of that.”
The company recently announced two significant contracts for its water-based Comet propulsion systems for small satellites, and plans to release MeteorTM, its second-generation propulsion system, later in 2018.
“With the growing interest in our green propulsion systems, this funding round ensures that we’ll be able to meet customer demand, while also moving forward with our more advanced systems and spacecraft,” said Bill Miller, chief executive of DSI. “Our continued investor support is appreciated as we work to lower the cost of high performance missions in Earth orbit, and beyond.”
Deep Space Industries plans to launch the first private deep space mission in 2020, using its 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.
About Deep Space Industries
Deep Space Industries (DSI) is a Silicon Valley-based space technology company dedicated to making space resources available to fuel humankind’s expansion into space. DSI is developing a suite of technologies intended to dramatically lower the cost of undertaking high-performance missions in both Earth orbit and deep space. Its first commercial offerings have been low-cost, launch-safe propulsion systems, which are a key missing piece for a wide range of low-cost missions. DSI is headquartered in San Jose, California, with offices in Florida and Luxembourg.