Loft Orbital, a pioneering company in the space industry, has announced a major leap forward with a recent $170 million Series C funding round. Co-led by Tikehau Capital and Axial Partners, this funding will support the company’s ambitious plans to scale its satellite launches, expand its virtual missions, and enhance its AI capabilities. Loft Orbital, founded in January 2017, has already demonstrated impressive growth, doubling its revenue for two consecutive years.
The company plans to increase its satellite launches from a few per year to over ten annually. With over 25 customer missions deployed across five satellites launched to date, Loft Orbital has established itself as a dependable partner for organizations such as NASA, Microsoft, Anduril, and BAE Systems. The company has sold over 30 satellites to these prominent customers, reinforcing its reputation in the industry.
Loft Orbital's mission is to simplify space deployment and operation for organizations. The company buys standard satellites from vendors like Airbus and LeoStella and customizes them with customer payloads. This approach saves customers the complexities of purchasing, operating, and managing their own hardware and ground segment network. Notably, Loft Orbital's YAM-6 satellite is dedicated to running AI in space, highlighting the company's commitment to technological innovation.
“We’ve achieved over $500 million of bookings on only $160 million of capital raised prior to this Series C. In an industry known for its capital intensity, we are proud of our capital efficiency,” said Alex Greenberg, Loft Orbital's co-founder and COO.
Loft Orbital's strategy emphasizes using existing components rather than designing satellites for specific missions. This approach allows the company to maintain flexibility and efficiency in its operations.
“Unlike others in the industry, we’re not designing satellites for specific missions- we’re configuring existing components of our satellite platform,” added Greenberg.
With a joint venture with Abu Dhabi-based Marlan Space, Loft Orbital is poised to enhance domestic satellite manufacturing capabilities in the region. The company has raised a total of $330 million in funding throughout its lifetime, with a post-money valuation of $550 million at the time of its last raise in 2021.
“Right now we’re really focused on profitability and getting the business to sustainability,” noted Greenberg.
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