US-based Vector Space Systems has secured more than $1m from a group of angel investors to develop an affordable, reliable and frequent launch platform designed for the micro satellite industry.
Formed by industry veterans from SpaceX, Virgin Galactic, McDonnell Douglas and Sea Launch, the micro satellite space launch venture aims to unite space start-ups with affordable and reliable launch-enabling platforms and vehicles.
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Vector Space Systems also seeks to promote innovation throughout the micro satellite market to help space commercial growth.
It is also developing a platform approach to widen the access of space technology to non-experts, expanding the usual launch vehicle only model to add space systems that allow anyone to innovate and create space applications without hiring an entirely new satellite development team.
According to Vector Space Systems, the space industry as a whole and micro space developers in particular, require a platform that provides frequent and low-cost access to space, as well as minimises the technology barriers and need for specialised expertise to create applications and commerce in space.
The company expects to provide space startups a solution to the slow launch rates and fixed infrastructure of the large launch vehicles while providing platform products that will help expanding the space commerce sector to both app builders and innovators.
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By GlobalDataAccording to the estimates of last year’s Space Intelligence Report, micro satellites weighing less than 50kg will account for 75% of all satellites launched by number by 2020.
Last year, 175 small satellites were launched and the micro satellite market is perceived as filler to the larger launch vehicles.
SpaceX founding member and Vector Space Systems CEO Jim Cantrell said: "I am truly honoured and thrilled to be leading a team of industry veterans on such an important and pivotal space startup.
"We see innovation and value creation being the strongest in the micro satellite sector and Vector Space Systems will create a development platform that will foster this innovation and bring the reality of space to a much larger pool of entrepreneurs who don’t need to be space experts.
"I am likewise honoured to have such an influential group of seed investors who will bring much needed Silicon Valley DNA to the space business and will deeply influence our business, sales, marketing and product development strategies."
