Lockheed Martin Ventures completes Strategic Investment in Agile Space Industries Seed round closed at $13M
DURANGO, Colo. (PRWEB) June 23, 2023 -- Agile Space Industries (Agile) announced on June 23, 2023 that Lockheed Martin Ventures participated in Agile’s $13M Seed round. Lockheed Martin Ventures’ investment marks the closing of the round, which was led by Caruso Ventures and included Greater Colorado Venture Fund (GCVF), CORI Innovation Fund and Greenline Ventures. Agile, which did not disclose the valuation of the round, has now raised in excess of $18 million.
Agile is delivering on the vision of bringing a new generation of in-space chemical propulsion products and technologies to the space industry. The company recently announced qualification of their first product, the A110 thruster, and is now building dozens of flight units that will be used by multiple customers to land on the Moon.
Chris Pearson, Agile’s CEO, said “Since 2020, revenues have grown more than 70% annually as we emerged as the global leader of in-house metal additive manufacturing and hypergolic propulsion test capabilities. Our customers benefit from our novel designs that push performance while dramatically reducing development and qualification lead-times”.
“Lockheed Martin is at the forefront of technological advancement and innovation in today’s evolving space economy,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “Our investment in Agile Space Industries underscores our commitment to the development of breakthrough technologies that bring us closer to discovering more of space.”
Seed-2 funding will support continued business expansion such as raising the capacity of Agile’s industry leading chemical propulsion test infrastructure. Towards the end of this year, Agile expects to launch a Series-A investment round to allow larger scale up of production operations required to meet customer demand.
"The Greater Colorado Venture Fund (GCVF) is incredibly excited about Lockheed Martin Ventures’ investment into Agile Space Industries and the revolutionary work that Agile is performing,” said Cory Finney, Fund Manager for GCVF. “The success of the wider Seed-2 round will allow the company to continue to attract world-class talent to its rural community after hiring more than 30 people in 2022."
“Caruso Ventures is proud to back the Agile team as it designs and delivers unique high-performance chemical propulsion products for traditional and non-traditional space customers,” added Dan Caruso, Agile Board Member and Managing Director of Caruso Ventures.
About Agile Space Industries:
Agile Space Industries (http://www.agilespaceindustries.com) is an in-space propulsion solution provider, specializing in hypergolic chemical systems. Agile has industry leading expertise in the design of chemical-propulsion rocket thrusters. Rapid prototyping, development, qualification, and delivery is catalyzed by in-house additive manufacturing and engine test capability. The company employs more than 65 people between facilities in Durango, Colorado and Mount Pleasant, PA that specialize in component, system development, test and additive manufacturing. Agile is working with numerous primes as well as the US Government on various spacecraft and launch vehicle propulsion projects.
Juleah Kaliski, Agile Space Industries, http://agilespaceindustries.com, 1 (530) 351-2179, [email protected]
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