Relativity Space has raised over $500 million, which will be used to speed off the company’s long-term vision in reshaping aerospace production. On 23rd November, Relativity announced that the money was raised via Series D round, hedge fund Tiger Global […]
Relativity Space has raised over $500 million, which will be used to speed off the company’s long-term vision in reshaping aerospace production. On 23rd November, Relativity announced that the money was raised via Series D round, hedge fund Tiger Global Management leading them. Other investors in the round included Elad Gil, Baillie Gifford, General Catalyst, Fidelity, ICONIQ Capital, and Senator Investment Group. Also, the existing Relativity’s investors joined in the round, which raised the company’s value to over $2 billion.
Co-founder and Relativity’s chief executive, Tim Ellis, said that the funding round was the largest Series D round. Over a year ago, Relativity was able to raise more than $140 million in Series C round. The funds were to be used in the first launch of the Terran 1 rocket early next year. Ellis said that the funds are still available at this moment.
Ellis said that the money collected from the new round would cater to long-term goals such as 3D-printing technologies, launch vehicle development, and production capabilities. He added that specific details concerning the company’s plans would be revealed next year, saying they are not targeting short term ambitions. The near-term vision of Relativity is Terran 1, which is a launch vehicle developed using additive production technologies. The company recently carried out a complete mission duty cycle, which is a static-fire test on the rocket’s Aeron 1 engine that ran for 186 seconds. Some activities are also being carried out at Launch Complex 16 at Cape Canaveral Air Force Station; the first launch site expected to occur late next year.
Ellis said that the new investors are confident and hopeful with the company’s plans, citing out that they didn’t occupy any seats on Relativity’s board of directors. He added that this is a significant sign of trust, and they are happy about it. Terran 1 is capable of placing up to 1250 kgs into lower inclination orbits and 900 kgs to a sun-synchronous orbit. Ellis said that the payload volume increase symbolizes the company’s ability to launch big satellites than other launch vehicles.
Ellis said that the company aims to use its production technologies on Mars to support human settlements. He added that they need to develop lightweight and flexible systems for the company to achieve this, which function with minimal human labour. Ellis said that the company’s main focus is on Terran 1 and serving its customers for now.https://newsinpaphos.com/