US-based space launch technology developer SpinLaunch has completed a $35m series A round featuring aerospace manufacturer Airbus and internet and technology group Alphabet, Bloomberg has reported.
The corporates, which invested through subsidiaries Airbus Ventures and GV, were joined by Kleiner Perkins Caufield & Byers, Starlight Ventures, Lauder Partners, ATW Partners and Bolt, according to Geekwire.
SpinLaunch is still in stealth mode but is working on a catapult-like system that will utilise centrifugal kinetic energy to launch spacecraft, as opposed to traditional fuel-based systems.
The company has already completed a prototype system and is assessing possible launch sites in four US states as it gears up to begin offering launch services by 2022. It plans to charge less than $500,000 per launch and could hypothetically launch several craft a day.
Lauder, ATW, Bolt and Starlight participated as existing investors, and the round increased SpinLaunch’s overall funding to $40m. It will put the funding toward hiring and the further development of its technology.