- Isar Aerospace announced it has raised $165 million.
Satellite launch service company Isar Aerospace announced it closed $165 million in Series C funding. So far this year, this is the largest SpaceTech financing round globally and one of the largest European DeepTech fundraises.
This funding round was backed by 7-Industries Holding, Bayern Kapital via its Scale Up Fund Bavaria, Earlybird Venture Capital, HV Capital, Lakestar, Lombard Odier Investment Managers, Porsche Automobil Holding SE (Porsche SE), UVC Partners, and Vsquared Ventures. And investors Porsche SE and HV Capital will join Isar Aerospace’s Advisory Board together with 7-Industries Holding joining in an observer capacity. Part of these funds provided by the private investors is backed by the European Union and regional programs managed by the European Investment Fund like InvestEU and the German Future Fund.
This funding round enables Isar Aerospace to continue its journey towards the inaugural flight and ramp up the cadence of its Spectrum launch vehicle. And it will also enable the scaling of its proven production capabilities to serve the company’s strong order book for launches of small and medium-sized satellites as global demand rises.
Plus the Series C funding will enable the company to keep investing in developments for new initiatives and products and to continue building on its vertical integration, especially it’s automated production capabilities that significantly lower the cost of building rockets.
This record round underlines Isar Aerospace’s leading position in the commercial space industry. And at the same time, the funding highlights the company’s role in strengthening Europe’s capabilities for consistent, flexible, and cost-efficient access to space for commercial and institutional customers worldwide. With a total financing amount raised of over $330 million (EUR 310m), Isar Aerospace is the most capitalized independent New Space company in the European Union.
Since launching in 2018, Isar Aerospace has established itself as a technological leader, having developed proprietary know-how through full vertical integration, owning design, production, and testing operations entirely in-house. Its manufacturing facility, established in Munich, provides maximum reliability, cost-efficiency, and flexibility. And the high degree of automation allows for future scalability to serve increasing market demand.
Isar Aerospace has signed large contracts with customers globally, including major commercial players, New Space companies, and government institutions. And the company’s flight manifest is already fully booked for its first years of operations, demonstrating its strong positioning as a provider of cost-efficient access to specific orbits for the deployment of constellations and targeted use cases.
Targeting Inaugural Flight In The Second Half Of 2023
Isar Aerospace had started the production of the maiden flight vehicle while entering the qualification stages for its vehicle systems. And the entirely in-house developed and manufactured Aquila engine is undergoing engine testing and qualification.
At the same time, the company is finalizing a build-up of its launch infrastructure at the launch site in Andøya, Norway, from where the inaugural flight of its launch vehicle Spectrum, which is planned for the second half of 2023, will take place.
KEY QUOTES:
“The strong interest and commitment from our international investors signals their confidence in our vision and technological capabilities. Today, and even more so tomorrow, space technologies are key to enabling innovation, technology and security. Isar Aerospace offers the access to space that is urgently needed for commercial, institutional and government customers. This financing round marks another important step on our journey to orbit.”
— Daniel Metzler, Co-Founder and CEO of Isar Aerospace
“We are thrilled to have concluded this round of financing in a difficult global market environment, building on strong investor demand and the company’s steady progress, at an increased valuation compared to our Series B in July 2021.”
— David Kownator, Chief Financial Officer of Isar Aerospace
“The undeniably most common building block of any space application is reliable and affordable access to orbit. Isar Aerospace is a catalyst for the tremendous growth of the sector. With a crisp and fast execution, focus on quality, and establishing capabilities for future volume production, Isar Aerospace is emerging as a strong leader in the space economy. I am extremely pleased to have been a part of the journey from day one and look forward to the upcoming first launches.”
— Bulent Altan, Chairman of the Advisory Board and seed investor in Isar Aerospace
