US-based satellite services provider Terran Orbital Corporation closed a $36m series B round on Monday that was backed by aerospace manufacturer Lockheed Martin’s corporate venturing arm, Lockheed Martin Ventures.
The round included investment banking firm Goldman Sachs and funds managed by investment manager Beach Point Capital Management.
Founded in 2013, Terran designs and builds nanosatellites and microsatellites for the US government as well as commercial customers.
The company plans to use the series B capital to increase headcount and buy manufacturing systems to help equip its new design and production centre.
Chris Moran, general manager of Lockheed Martin Ventures, said: “Terran Orbital is a leading innovator in micro and nanosatellite technology. Together we work to provide responsive and innovative solutions for our customers.
“Lockheed Martin chose to expand upon our existing relationship with Terran Orbital, as both an investor and a customer, to support the LM 50 Series Satellite Bus System (Lockheed Martin’s own microsatellite).
“We look forward to continuing our work together so we can better enable our customers to confront the challenges of today.”
Lockheed Martin Ventures also took part in Terran’s last round, which according to a securities filing closed at $7m in July 2017.