Vector, a US-based microsatellite launch technology developer backed by diversified conglomerate Kanematsu, has filed for bankruptcy, according to Reuters.
News about of the company’s struggles first emerged in August this year, when Vector wound down indefinitely due to a “major change in financing,” the details of which were not clarified further.
Founded in 2016, Vector was developing microsatellite launch systems that were expected to carry payloads of 60 to 290 kilograms. It was considering options to finish development of its smaller rocket and honour existing contracts but those efforts appear to have been in vain.
Aerospace and defence manufacturer Lockheed Martin is seeking to purchase Vector assets related to GalacticSky, a division of the company that was working on technology to deploy applications to satellites already in space.
Lockheed Martin has bid $4.25m for the assets and will provide Vector with a $2.5m loan to allow it to continue operating. The move serves as a starting point for higher bids once bankruptcy proceedings begin.
Vector received $70m in an October 2018 series B round led by Kodem Growth Partners, with participation from investment bank Morgan Stanley’s Alternative Investment Partners unit, Sequoia Capital, Lightspeed Venture Partners and Shasta Ventures.
Sequoia Capital had previously led a $21m series A round for the company in July 2017 that included Shasta Ventures and Lightspeed Ventures.
Kanematsu participated in a $4.5m bridge round in April 2017 in conjunction with a strategic partnership agreement, alongside Sequoia, Desert Angels, Arizona Technology Investors, Space Angels Network and Kurrent Investment.
Image courtesy of Vector Launch, Inc.
