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#SpaceWatchGL Column: E2MC Update On Space-Financing Rounds in August 2021

by Raphael Roettgen

Photo by NASA on Unsplash.

August’s financing table is again led by a space company raising funds via a proposed merger with a SPAC: VirginOrbit who may raise up to US$483 million* from this deal. Over two dozen other rounds raised a total in excess of US$700 million.

Besides yet another SPAC, other noteworthy deal structure were Swiss IoT constellation’s Astrocast’s, which combined a private raise with an immediate direct listing on the Oslo stock exchange, and Endurosat joining so far small but growing club of space companies raising venture debt from the European Investment Bank (EIB).

On the M&A side, it became known via an FCC filing that SpaceX had acquired U.S. IoT constellation operator Swarm. This is a rare deal for SpaceX (at least as far as is publicly known), a company that has the reputation to prefer to do things in-house. The most frequent guess in the space community about the potential deal rationale appears to be that it was an “aqui-hire.”

Reminder: if you are following the new space sector and are looking for a concise introduction to its trends, main business activities, and possible outlook (and if you happen to speak German!) you may be interested in my new book I recently published with SpaceWatch.Global – you can check it out here.

* Sum of cash in trust plus PIPE proceeds, assuming no redemptions

 

CompanyUS$mCountrySubsectorInvestors
Virgin Orbit483.0

(SPAC)

United StateslaunchBoeing, AE Industrial Partners, NextGen, others

 

OneWeb300.0United KingdomsatcommHanwha Systems

 

MinoSpace77.0Chinaremote sensingHengxu Capital, SAIC Capital, Auto Capital, Ruijian Capital, Wenzhou Transportation Group

 

Hermeus60.0

(“strategic financing”)

 

United StateslaunchUSAF, others

 

Sceye50.0United Statesremote sensingKittyHawk Ventures

 

Astrocast49.0Switzerlandsatcomm (IoT)Adit, Palantir, DAA, Primo Space, others

 

Space Transportation46.0ChinalaunchGuosheng Group, Keli Venture Capital, Matrix Partners China, Oriza Seed Capital (Oriza Yuandian), Source Code Capital, Summitview Capital, Volcanics Venture, Zhencheng Capital

 

Lingkong Tianxing46.3ChinalaunchMatrix Partners China, Shanghai Guosheng (Group), SummitView Capital, Keli Capital, Oriza Holdings

 

Ispace Technologies46.0JapanlunarAizawa Asset Management, Aizawa Securities, HiJoJo Partners, Incubate Fund, Innovation Engine, Katsunori Sago, SBI Investment

 

Kairos Aerospace26.0United Statesremote sensingJohn Crane, OGCI Climate Investments, Energy Innovation Capital, DCVC

 

Latent AI19.0United StatesNAAutotech Ventures, 40 North Ventures, Lockheed Martin, Booz Allen Hamilton, Future Ventures, Blackhorn Ventures, Perot Jain, Gravity Ranch, SRI Ventures,

 

Skywatch17.2Canadaremote sensingBullpen Capital, BDC Venture Capital, Space Capital, Drive Capital, Golden Ventures

 

EnduroSat11.9

(venture debt)

Bulgariaspacecraft componentsEuropean Investment Bank

 

Xplore9.0United Statesspacecraft componentsKittyHawk Ventures, VU Venture Partners, Venture University

 

Urban Sky4.2United Statesremote sensingNA
SpeQtral3.3United Statessatcomm (QKD)Xora Innovation, others

 

Alpine Advanced Materials2.5United Statesspacecraft componentsNA
Benchmark Space Systems1.1United StatesRemote sensingCreative Destruction Lab (CDL), The Flying Object, FreshTracks Capital, LaunchCapital, Vermont Center for Emerging Technologies

 

Spaceit1.0EstoniaservicesIcebreaker.vc
Kall Morris0.3United Statesorbit servicesNA
Epsilon30.1United StatesservicesY Combinator
Latitudo400.1Italyremote sensing – downstreamEXPERT DOJO
Beijing Interstellar Development Technology

 

NAChinalaunchInno Angel Fund, others
Cemvita Factory Inc.NAUnited Statesspace resources8090 Partners, Climate Capital, Oxy Low Carbon Ventures, Seldor Capital
HEO RoboticsNAAustraliaorbit servicesDavid Harding, Tim Parsons, Matt Ryall, Christian Thaler-Wolski and Phil Hayes-St Clair, Solai Valliappan
Inversion SpaceNAUnited Statesorbit servicesKohala Ventures
Istar Space TechnologyNAChinaspacecraft componentsShenzhen Capital Group, ZJU Joint Innovation Investment, CDH Investments

 

Jiutian XinggeNAChinaManufacturingEssential Capital (China)
VyomaNAGermanyorbit servicesAtlantic Labs
WyvernNACanadaremote sensingRed Thread Ventures

 

Raphael Roettgen; Photo courtesy of the author

Raphael Roettgen provides financial advice to and invests proprietary capital in space companies as a managing director and founder of E2MC. He also advises institutional investors and governments on space. Previously, Raphael has held senior roles at global investment banks and hedge funds and was also a fintech entrepreneur in Brazil. He holds degrees in finance from Wharton, machine learning from PUC-Rio and space studies from the International Space University, as well as the CFA and FRM charters.

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