Magdrive has secured a $10.5m (£8.3m) seed funding round as it gears up for its first in-orbit tests.
The Oxfordshire-based spacecraft startup is developing space propulsion technology and plans to conduct its first tests of the new Magdrive Rogue thruster in a launch in June in collaboration with D-Orbit.
Magdrive aims to scale its propulsion system to support the increased commercialisation of the space industry, which could be worth as much as $944bn by 2033 according to consultancy group Novaspace.
The company also plans to use the new funds to build a new manufacturing facility in the UK and establish an office in the US.
“Magdrive represents the next generation of spacecraft propulsion, turning humanity’s grand ambitions in space into a reality with mega constellations, asteroid mining, and in-space servicing, assembly, and manufacturing; all the building blocks to make us a space faring civilization,” said CEO Mark Stokes.
The company was founded by Stokes, a mechanical and deep learning engineer, and CTO Dr Thomas Clayson, a plasma physicist and electronics engineer, in 2019.
The capital injection was led by VC firm Redalphine and included contributions Founders Fund, Balerion, Alumni Ventures, Outsized Ventures, 7percent and Entrepreneur First.
“Magdrive’s technology has tremendous potential to change the game in spacecraft propulsion to solve big pain points in the status quo, including manoeuvrability and longevity,” said Redalpine general partner Harald Nieder.
“Propulsion is literally driving the emerging space economy. We are delighted to back Tom, Mark, and the team as they push forward this leap in spacecraft propulsion.”
Last year the British government launched its National Space Strategy in Action plan, which aims to combine public funding and private investment to grow the UK’s space industry.
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