Privately-owned space flight and rocket developer XCOR Aerospace has announced that it has completed a US$5m funding round.
Both new and existing investors participated in the financing, including serial space travel angel investor Esther Dyson and Pete…
Privately-owned space flight and rocket developer XCOR Aerospace has announced that it has completed a US$5m funding round.
Both new and existing investors participated in the financing, including serial space travel angel investor Esther Dyson and Pete Ricketts, the co-owner of the Chicago Cubs baseball team. Dyson previously invested in XCOR via EDventure Holdings, which she subsequently sold to CNET Networks back in 2004, and she also holds stakes in Space Adventures, Zero-G and Constellation Services International.
XCOR stated that the funding will be used along with cash-on-hand as well as anticipated and existing contracts to finance the cost of the final production of its Lynx Mark I Suborbital vehicle.
Jeff Greason, founder and CEO of XCOR, commented: “I believe we were able to raise funds in these trying economic times because XCOR has demonstrated compelling value to investors and customers. Our US$60m plus backlog of orders for Lynx suborbital vehicles, flights on Lynx, and our unique reusable non-toxic rocket engines gives the investor community reason to take notice.”
Echoing this statement, XCOR’s COO and a former Morgan Stanley investment banker Andrew Nelson said: “While the recent and unprecedented disruptions in the capital markets have impacted every fledgling aerospace company, XCOR has weathered the storm and in 2011 we had our best year ever from a revenue and profitability perspective. And while the difficulties of the last few years have delayed the Lynx, we’re excited about the challenges ahead. There is a lot of work and sizable risk in front of us, but XCOR continues its uncompromising commitment to safety and excellence. We remain focused on delivering our customers the coolest rocket plane on the planet.”
XCOR intends to begin the flight test programme for its prototype Lynx Mark 1 spacecraft in late 2012 and continuing into 2013. If this is successful, the start-up hopes to roll out the Lynx Mark 2 for commercial services, including suborbital tourism as well as governmental microgravity and biotechnology experiments, in 2014.
