US-based spacecraft propulsion technology developer Accion Systems has collected $11m in a series B round co-led by Boeing HorizonX Ventures, the corporate venturing unit for aerospace manufacturer Boeing.
The round was co-led by venture capital firm Shasta Ventures and the company said it it boosted its overall funding to $22m, though its individual rounds would suggest a figure of $23.5m.
Spun out of Massachusetts Institute of Technology in 2014, Accion is working on a non-toxic propulsion system dubbed tiled ionic liquid electrospray that relies on thrusters as small as a postage stamp.
The company expects the product to increase the lifespan and manoeuvrability of satellites and spacecraft and will use the money to hire additional staff and double down on production efforts. It last raised money in a $3m round led by Boeing HorizonX Ventures in late 2018.
The company secured $7.5m in a 2016 series A round led by Shasta Ventures and backed by Slow Ventures, RRE Ventures and Founder Collective. The latter two had already taken part in a $2m seed round led by FF Science in 2015 alongside assorted angel investors.
