TUCSON, Ariz., Nov. 18, 2016 /PRNewswire/ -- Vector Space Systems, a micro satellite space launch company comprised of new-space and enterprise software industry veterans from SpaceX, Virgin Galactic, McDonnell Douglas, Sea Launch and VMware, today announced that it has received an additional $1.25M in angel funding led by Space Angels Network, a New York City-based investor in early-stage space companies. As one of the largest communities of space investors and entrepreneurs in the world, Space Angels Network will be contributing to the rise and success of the micro satellite industry through its investment in Vector.
With this additional seed financing, Vector will accelerate development efforts towards the goal of being one of the first commercial dedicated micro satellite launch vehicles to achieve low earth orbit. Vector continues to strive to connect space startups and innovators with affordable and reliable access to space. Its mission to reshape the multi-billion-dollar launch market has never been more critical. This need for dedicated low-cost micro satellite launches and software defined satellites to democratize space access and the speed to orbit has increased significantly since the company's founding earlier this year.
"As one of the fastest growing private micro satellite launch companies, Vector Space Systems has received exceptional interest in our launch services and software defined satellite platforms totaling over $175M in contractual agreements to date, representing 106 launches," said Jim Cantrell, CEO and co-founder of Vector Space Systems. "We are honored by the continued support of our existing angel investors and by this new infusion of capital from Space Angels Network. This investment, by experienced space industry investors, helps to further validate the market and demand for a dedicated micro satellite launch vehicle. As we move into the new year we look forward to many more successes and significant future returns for our investors. Vector plans to close a Series A financing round in early 2017 to further accelerate its path to space."
Space Angels Network, a world-class group of investors, is comprised of some of the most well-known angel investors in the space industry. By offering a new model of early-stage investing and alignment with fund investors, its novel online investment platform allows accredited investors to invest in private aerospace companies through managed funds. Space Angels Network's significant investment in Vector is the firm's first and only investment in an early-stage launch vehicle company focused on the nano/micro satellite market, proving the significance of this investment and commitment to the future micro satellite launch industry.
"This investment is not only a milestone for Space Angels Network, but also a crucial benchmark for our investors as we strive to provide them an even broader pipeline of investment opportunities in new space ventures," said Chad Anderson, CEO of Space Angels Network. "We see endless opportunity in Vector's vision to build affordable and reliable launch vehicles for micro satellites and are committed to working with them to make that vision a reality."
About Vector Space Systems
Founded by the original SpaceX founding team, Vector Space Systems is a disruptive company that connects space startups and innovators with affordable and reliable launch services, enabling platforms and vehicles to access space at a price never before possible. For more information, visit www.vectorspacesystems.com.
About Space Angels Network
Space Angels Network is a global network of early-stage investors, offering insider access to the emerging private space industry and sophisticated investment opportunities across diverse market segments, with the expertise and network connections to cultivate stellar returns on investment. Space Angels Network is the leading source of capital for space startups with over 37 space startups funded to-date.
SOURCE Vector Space Systems