- Relativity Space, a company that uses 3-D printing for launching vehicle manufacturing, announced it raised $140 million in Series C funding
Relativity Space, a company that uses 3-D printing for launching vehicle manufacturing, announced it raised $140 million in Series C funding included participation by new investors. Lee Fixel, Michael Ovitz, Spencer Rascoff, Republic Labs, and Jared Leto. And current investors Playground Global, Y Combinator, Social Capital, and Mark Cuban also participated in the round.
“Relativity was founded with the long term vision of 3D printing the first rocket made on Mars and expanding the possibilities for human experience in our lifetime. With the close of our Series C funding, we are now one step closer to that vision by being fully funded to launch Terran 1 to orbit as the world’s first entirely 3D printed rocket,” said Relativity Space co-founder and CEO Tim Ellis in a statement. “Bond and Tribe are unrivaled partners in leading this funding round, and we are excited to build this important future together with our entire team.”
Relativity is currently the only aerospace company to reinvent both the rocket and the entire manufacturing value chain. Relativity is also developing the Stargate factory, which is the first and only aerospace factory to integrate machine learning, software, and robotics with metal 3D printing technology thus enabling Relativity to build and launch rockets in days instead of years.
Relativity’s Terran 1 rocket was built in less than 60 days with a payload capacity of up to 1250 kg. And now the Terran 1 rocket is now upgraded to a 3-meter payload fairing with 2-times larger volume than before thus making it the most competitive in its class and providing unique flexibility to satellite customers. Both the Stargate factory and Terran 1 were completely designed, built, and operated in the U.S.
Ever since Relativity closed its Series B round of funding in March 2018, the company hit several major milestones across product development, government partnerships, and business momentum. And it is on track to commence commercial service in 2021.
Relativity also advanced its groundbreaking Stargate factory to expand print production capacity 4x and developed several larger next-generation Stargate 3D printers with optimized controls and software. As a result, the company was able to improve scalability and adaptability to evolving customer needs.
Some of the technology milestones achieved was that the company had fully printed first and second stage structures, printing and assembling a second stage, saw a successful and intentional burst testing of Stargate printed stage structures to demonstrate ability to hold pressure, completed its first turbopump tests, oversaw more than 200 engine hotfire tests at NASA Stennis Space Center, completed avionics architecture and hardware testing, and finished Terran 1 vehicle system design and coupled loads analysis.
“We are excited to complete the development of Terran 1, providing an entirely new value chain for our customers. As we build Terran 1 we will continue to expand the Stargate factory, achieving another milestone towards our long term vision,“ added Jordan Noone, co-founder and CTO of Relativity Space.
Relativity Space also deepened its partnership with the U.S. government. For example, Relativity became the first venture-backed company to secure a launch site Right of Entry at Cape Canaveral Launch Complex-16 from the U.S. Air Force. And Relativity secured a 20-year exclusive-use Commercial Space Launch Act (CSLA) agreement for five NASA test sites including E3 and E4 and a 20-year exclusive use lease for a 220,000 square feet factory at NASA Stennis Space Center. Plus it became the only venture-backed company on the National Space Council User’s Advisory Group advising the U.S. White House. By the end of the year, Relativity expects to secure a polar and Sun Synchronous Orbit (SSO) capable launch site.
The growth of Relativity’s Terran 1 customer manifest also accelerated including leading global satellite operators, commercial companies, and government payloads. Relativity secured contracts with global satellite operator Telesat, Thai satellite and space technology company mu Space, satellite rideshare and mission management provider Spaceflight Industries, and in-space shuttle services Momentus.
“We’re thrilled to invest behind Relativity’s world-class team, and join a broader group of investors, customers, and government partners that share our enthusiasm for the company’s bold vision to reimagine rocket development,” explained Bond co-founder and general partner Noah Knauf. “We believe the Stargate factory is a template for the future of aerospace manufacturing and provides Relativity’s commercial customers, and eventually humanity, a faster, more reliable, and lower-cost way to shuttle important resources from earth to outer space.”
In order to scale operations for the first flight, Relativity increased infrastructure from 10,000 square feet to over 280,000 square feet of operations, production, testing, and launch facilities. And it is on track to reach over 480,000 square feet of infrastructure in 2019. And since last year, the company increased its employee count 8x from 14 to 110. Plus the company hired a group of seasoned leaders from major private space and technology companies including Distinguished Engineer Tim Buzza, VP of Government Business Development Josh Brost, VP of Launch Vehicle Development David Giger, VP of Operations Tobias Duschl, VP of Avionics and Software Brandon Pearce, and General Counsel Laura Lariu.
“Accelerating speed in the design, manufacture and delivery of rockets will become the Moore’s Law of space travel and exploration. By optimizing manufacturing for speed, Relativity will increase the frequency of launches in service of growing commercial and consumer needs in space. Just as doubling microprocessor speeds enabled the personal computing revolution, Relativity will push forward an entire ecosystem of hardware and software systems to take humanity beyond Earth’s orbit.” commented Arjun Sethi, co-founder and General Partner at Tribe Capital.
