Vector, a US-based microsatellite launching service provider backed by diversified conglomerate Kanematsu Corporation, has closed a $21m series A round led by venture capital firm Sequoia Capital.
Shasta Ventures and Lightspeed Ventures also participated in the round, which Vector said increased its overall funding to $31m.
Founded in in March 2016, Vector provides affordable launch services for space technology companies that rely on microsatellites. The company also intends to begin offering orbital journeys for human passengers from 2018.
The series A funding will support not only the expansion into human orbital trips but also Vector’s forthcoming flight test series, the first test of which is planned for summer this year.
Jim Cantrell, co-founder and CEO of Vector, said: “Securing this round of funding is not only a testament to the industry’s confidence in our team and launch vehicle technology, but is also a significant validation of the entire micro satellite launch industry.
“We are seeing dramatic growth in the demand for space access, and we look forward to continuing to deliver on our mission to expand the commercial space market.”
Kanematsu invested an undisclosed sum in Vector in February 2017 as part of a business collaboration agreement that will involve the startup’s services being offered to customers in Japan where Kanematsu is headquartered.
The investment formed part of a $4.5m bridge round closed in April 2017 that included Sequoia, Desert Angels, Arizona Technology Investors, Space Angels Network and Kurrent Investment.
Vector had previously closed a $1m seed round in April 2016 before adding $1.25m in a November angel round led by Space Angels Network.