Phase Four, a leader in advanced in-space propulsion design and manufacturing, announced the first closing of its Series C funding round. The company has secured nearly 60% of the target raise with strong participation from new and existing investors. The funding round was led by Artemis Group Capital, the Oklahoma-based investment firm helmed by former NASA Administrator Jim Bridenstine, underscoring the growing confidence in Phase Four’s innovative propulsion solutions.
The growth of Phase Four’s manufacturing capabilities also addresses a critical supply-demand gap in the space industry. And as the market for small satellite constellations and in-space maneuverability grows exponentially, Phase Four’s propulsion capabilities position the company as a key supplier for commercial and government missions.
Phase Four is collaborating with Redwire Space on the Valkyrie propulsion system, reflecting companies’ view that the market for such thrusters will continue to be robust for the foreseeable future. And combining Phase Four’s technical prowess in the in-space propulsion market with Redwire’s global command of the space system market creates a stable and reliable domestic supplier for a range of high-quality Hall Effect Thrusters.
The company also plans to close its Series C round by the end of Q1 2025, with proceeds aimed at expanding manufacturing, accelerating R&D efforts, and deepening strategic partnerships with key players in the space economy.
KEY QUOTES:
“This funding is a pivotal milestone for Phase Four as we scale to meet surging global demand for in-space propulsion from the government and private sector. The supply chain simply isn’t keeping up. With this capital, we’re ramping up production of our Valkyrie family of Hall Effect Thrusters to a minimum of 250 units per year. Simultaneously, we’re advancing next-generation thruster technologies tailored for Defense and National Security customers.”
– Dr. Umair Siddiqui, Chief Technology Officer at Phase Four
“We’re proud to scale another U.S. company to the rapidly expanding in-space propulsion market. As space-related supply chains around the world face geopolitical and economic risk, having another stable and domestic source for such a critical component of space power is vital.”
– Dr. Steve Kiser, Phase Four’s CEO
