EL SEGUNDO, Calif., June 11, 2021 /PRNewswire/ -- Phase Four, the creator of the radio-frequency thruster for satellite propulsion, announced today that it has closed a Series B investment round of $26 million. The round was led by New Science Ventures LLC ("NSV"), a leading venture capital firm focused on building companies that leverage breakthrough science to create extraordinary value.
The new capital follows a year of significant growth for Phase Four. So far in 2021, Phase Four's Maxwell plasma propulsion engine has been launched aboard multiple commercial small satellites with still more launching throughout the remainder of 2021 and beyond. Phase Four has also secured multiple government contracts including a contract with the U.S. Air Force to adapt the Maxwell engine to utilize iodine, a new alternative fuel, to replace costly, legacy electric propulsion propellants in high-performance commercial and defense applications.
"We've seen demand for the Maxwell engine exceed our current production capability," said Phase Four CEO, Beau Jarvis. "This capital infusion will enable us to rapidly scale our production capacity and accelerate our development of new Maxwell variants including the iodine-fueled Maxwell engine."
"We're excited about our partnership with Phase Four," said NSV Managing Partner, Somu Subramaniam. "The global space economy has outstanding long-term growth potential. Phase Four has the management team, core technology set and product strategy to build a leadership position in the in-space propulsion sector."
About Phase Four Phase Four is a disruptive provider of next generation electric propulsion (EP) solutions for small satellites. The company was founded in 2015 to address the demands of the rapid proliferation of satellite constellations and to accelerate the advancement of its radio-frequency thruster (RFT). The Phase Four RFT represents a revolutionary new architecture that realizes lower cost, mass-manufacturability, miniaturized power electronics, and propellant agnosticism over incumbent technologies, without compromising performance. In 2021 Phase Four's Maxwell turn-key propulsion system achieved flight heritage and is now being regularly utilized by small satellite operators.
Learn more at www.phasefour.io.
About New Science Ventures
NSV is a leading venture capital firm focused on building companies that leverage breakthrough science to create extraordinary value. NSV invests in companies using fundamental, science-based innovation and backed by strong IP protection to address large unmet needs in the Life Sciences and Information Technology sectors. The Firm invests in early and mid-stage companies with a long-term view and supports them through value inflection points to create scalable businesses and realize value. NSV was founded in 2004, has $800 million under management and is based in New York, NY and London, UK and operates a Life Sciences incubator in San Diego, CA.
For more information please visit: www.newscienceventures.com
SOURCE Phase Four