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Sunday, Jun 26, 2022

SpinLaunch Raises $35 Million

Small satellite launch firm SpinLaunch Inc. raised a $35-million equity round to continue interior development of its new corporate headquarters in Long Beach.

SpinLaunch will also use the cash influx to hire new staff and complete a flight test facility at New Mexico-based Spaceport America.

Following this round, which closed Jan. 16, SpinLaunch has raised $80 million for its on-demand small satellite launch business. The company was founded by Jonathan Yaney in 2014.

Each of this round’s participants is an existing investor in SpinLaunch.

Menlo Park-based Airbus Ventures, the corporate venture arm of flight conglomerate Airbus Group, invested in this round.

Venture capital firms Kleiner Perkins, based in Menlo Park, Los Altos-based Catapult Ventures and Atherton-based Lauder Partners also joined the round.

“Our team at SpinLaunch greatly appreciates the continued support of this formidable syndicate of investors, who share our vision of enabling low-cost and frequent launch of imaging and communications constellations that will protect our planet and humanity,” Yaney wrote in a statement.

SpinLaunch relocated to a 140,000-square-foot facility in Long Beach in January 2019. A spokeswoman for the company said the Long Beach headquarters will house all of the company’s research, development and manufacturing.

SpinLaunch is targeting a first test launch of a satellite later this year, and a first official launch in 2023, Yaney said.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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