Orbit Fab, a provider of on-orbit refuelling services, has secured an investment of $28.5m in its Series A funding round.
The startup plans to use the proceeds to accelerate fuel sales and the deployment of fuel delivery and storage infrastructure in geostationary, low Earth orbit (LEO) and very LEO orbits.
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Funding will also be used to accelerate the production of RAFTI (Rapidly Attachable Fluid Transfer Interface) refuelling ports and drive its integrations aboard government and commercial spacecraft.
8090 Industries led the latest funding round, which was also joined by Stride Capital, Industrious Ventures, Lockheed Martin Ventures, Tribe Capital, Good Growth Capital, and Massive Capital Partners.
8090 Industries co-founder and CEO Kerem Ozmen said: “Orbit Fab is the in-space refuelling category-definer.
“We’ve invested in Orbit Fab because of their unique ability to capitalise on the growing demand for in-space servicing, and their strong positioning as a key provider of critical infrastructure to the entire space economy.”
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By GlobalDataThe business claimed that the additional funding came from an “up” round, which means the company raised fund at a higher valuation.
Orbit Fab did not reveal details of the investment made by each investor.
Orbit Fab founding CEO Daniel Faber said: “We will leverage the funding to drive fuel sales and intensify the production and integration of our RAFTI refuelling ports aboard government and commercial spacecraft to power the engines of the industrial revolution in space.
“As rockets have become reusable over the past decade, Orbit Fab has made satellites reusable to enable the bustling space economy.”
Orbit Fab revealed that it has almost doubled its team over the last year and opened an office in the UK. The company noted that it intends to boost technical and production capabilities in the US, as well the UK, to meet growing orders for in-space fuel delivery.
