This Week In Space Industry (20/04/2024)

Greetings Detectives

Welcome to Rocket Roundup, Your favorite space newsletter! Let's embark on this cosmic journey together! In This Issue:

• Sweden signs Artemis Accords

• Former SpaceX Exec Starts New VC Firm

• ICEYE Raises $93M Growth Funding Round

The FAA Says No Reentry License, No Launch

The Federal Aviation Administration (FAA) is updating its licensing regulations to require spacecraft designed for reentry to have a reentry license before launch. This decision comes after a spacecraft launched without proper approvals last year. The FAA cited safety concerns, stating that uncontrolled reentries pose significant risks. This change follows an incident involving Varda Space Industries, which launched without a reentry license but later obtained one. The FAA plans to clarify policies around reentry operations as demand for reentry licenses increases. Another startup, Inversion, announced plans to launch its first reentry vehicle in October but did not disclose its licensing status. (Read More)

Sweden signs Artemis Accords

Sweden has become the 38th country to sign the Artemis Accords, a set of guidelines for responsible space exploration. The agreement, signed by Mats Persson, Sweden’s minister for education and research, and U.S. ambassador to Sweden, Erik D. Ramanathan, strengthens the strategic space partnership between Sweden and the United States. With Sweden's accession, 14 of 22 full members of the European Space Agency have joined the accords. This move underscores the commitment of both nations to exploring space openly, transparently, responsibly, and in peace. (Read More)

Former SpaceX Exec Starts New VC Firm

Former senior SpaceX executive Tom Ochinero has joined forces with SpaceX alum-turned-VC Achal Upadhyaya and finance leader Spencer Hemphill to establish a new venture capital firm called Interlagos Capital. The firm, registered in Delaware and California, aims to provide financing to emerging and startup companies. Ochinero, who recently left SpaceX due to personal reasons, brings his extensive experience in commercial business to the venture. Upadhyaya, a former SpaceX engineer and Cantos venture partner, joins as a key member alongside Hemphill, previously of Sequoia. Their collaboration underscores the growing trend of SpaceX executives transitioning into the venture investing space. (Read More)

Orbex Raises $21M Series C Extension Round

Orbex, a UK-based spaceflight company, has secured $21M in additional funding to accelerate the development of its Prime rocket for launching small satellites into Low Earth Orbit. The funding, led by the Scottish National Investment Bank and other investors including venture capital firms and corporate investors, will support Orbex's goal of becoming a hub for European orbital launch. With testing underway and a new leadership team in place, Orbex aims to advance its sustainable launch vehicle technology and complete its Sutherland Spaceport. This funding round sets the stage for Orbex's Series D funding round, signaling its commitment to long-term growth in the space industry. (Read More)

ICEYE Raises $93M Growth Funding Round

ICEYE, the leading provider of synthetic aperture radar (SAR) satellite operations, has secured a $93M growth funding round, marking significant momentum in its expansion efforts. This oversubscribed round, building on the success of previous funding, brings ICEYE's total raised amount to $438M. With a focus on bolstering its constellation of SAR satellites and advancing data and subscription products, ICEYE aims to capitalize on growing international interest in its Missions business, expand SAR data offerings, and accelerate growth in its Solutions offering. The investment, which includes support from new investor Solidium, underscores ICEYE's commitment to becoming the global leader in SAR technology and Earth Observation. With strong commercial traction and a clear path to profitability, ICEYE is poised for continued success in the space technology sector. (Read More)

Satellogic Relocates to U.S. and Secures $30M Crypto Investment in 2023 Results

Satellogic, an Earth imagery provider, is relocating to the U.S. and has received a $30 million investment from Tether Investments Limited, a cryptocurrency company. In their 2023 financial results, Satellogic reported a 68% revenue increase but noted slower growth than expected. CEO Emiliano Kargieman highlighted the move to Delaware to compete for U.S. government contracts, aiming to capitalize on new opportunities in 2024. Despite a net loss of $61 million, the company remains focused on strategic realignment and growth in the U.S. market, particularly in Space Systems and Asset Monitoring. However, no specific guidance was provided due to the lengthy sales cycle and external variables. (Read More)

• Switzerland is the latest country to sign the Artemis Accords.

• Astra considered bankruptcy as it struggled to raise cash

• Virgin Galactic proposes reverse stock split

• Space startups are licking their lips after NASA converts $11B Mars mission into a free-for-all

• Suppliers struggle as military embraces small satellites

• China to leverage growing commercial space sector to launch megaconstellations

DISCLAIMER: (Rocket Roundup is an independent publication and is not affiliated with any government agency or space organization)