In Scotland, UK spaceflight company Orbex has received £16.7m from six backers in an update to its Series C funding round. With pre-launch testing underway, the funding will help Orbex ramp up the development of Prime, its 19-metre long, two-stage rocket designed to transport small satellites into Low Earth Orbit. The aim is to ensure full readiness and scalability for its launch period.
Orbex now has 2 active patents in a number of European countries and the United States covering various parts of its rocket technology. It is powered by a renewable bio-fuel, which allows the rocket to reduce carbon emissions significantly compared to other similarly sized rockets being developed elsewhere around the world.
Investors involved in the deal include £10.5m follow-on investment from the Scottish National Investment Bank, venture capital firms Octopus Ventures, BGF, Heartcore, the Export & Investment Fund of Denmark (EIFO) and a number of corporate and angel investors.
