Space manufacturing company Apex has secured $95 million in Series B funding led by XYZ Venture Capital and CRV to ramp up production of its satellite buses.
A Los Angeles-based space tech startup has the capacity to mass-produce spacecraft buses — the bodies and structural components of satellites — to meet growing demand from customers such as the U.S. Department of Defense, helping to streamline approaches to satellites.
The new funding will enable the company to ramp up production to meet customer demand after the launch of Apex’s first bus in March.
Apex recently opened a new factory to increase production.
“The West cannot deliver the capabilities it needs in space at the scale and speed it needs without a productized approach to satellite powering and support,” Apex CEO and founder Ian Cinnamon said in the release. “This funding, which comes on the heels of our first launch and numerous bus sales to commercial, government and international customers, is a sign of confidence in Apex’s vision and success.”
The company was founded in 2022 and has raised $122 million, according to Crunchbase.
Funding Space Technology
Apex appears to be riding a wave of growing investor interest in space technology.
Funding for VC-backed space tech startups appears to be on the rise this year, according to data from Crunchbase.
Space tech startups raised $5.8 billion last year, but the year is not even halfway through and $3.3 billion has already flowed into these startups’ coffers.
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Illustration: Dom Guzman
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