Orbex raises $24 million in new funding, can now scale up for orbital launch

The upper stage of the Orbex Prime rocket will have a single engine.

Enlarge / The higher stage of the Orbex Prime rocket could have a single engine. (credit score: Orbex)

United Kingdom-based launch firm Orbex says it has raised an extra $24 million in enterprise capital funding because it continues growth of its small satellite tv for pc launcher. This booster is deliberate to be comparable in dimension and efficiency to Rocket Lab’s Electron automobile.

Orbex CEO Chris Larmour stated this brings the entire sum of money raised by the corporate to $69 million. It presently has 55 staff, however Larmour stated the plan is to broaden to round 90 by the center of 2021 with this new spherical of funding. This staffing stage, he stated, ought to be sufficient staff to achieve orbit with.

“We’re very targeted on being capital environment friendly, which is one other phrase for affordable,” Larmour stated in an interview. “We’re elevating cash as we want it, and never an excessive amount of, and never too aggressively. That is fairly satisfactory for what we have to do.”

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