Series B Funding For PLD Space Attracts Million$$
The total capital raised by PLD Space has now risen to more than $50 million and will allow the company to advance its upcoming milestones: the launch of the company's MIURA 1 (artistic rendition below) suborbital rocket at the end of 2022 from El Arenosillo (Huelva), MIURA 5 orbital vehicle (artistic rendition above) manufacturing and its subsequent launch in 2024 from French Guiana and also includes strategic advances that involve the expansion of the company's productive capacities and team. The firm expects to increase its workforce to as many as 200 employees in 2022 and triple its size during the next three years.
PLD Space has now closed the second tranche of Series B round in equity, oversubscribing its initial funding target. In this phase, the company has had the accompaniment of its current partners, especially Aciturri, reinforcing its position, as well as the entry of different financial partners. In addition, the company, based in Elche (Alicante), has maintained the interest of both private investors and public institutions. This is the case of CDTI, which has consolidated its position in PLD Space with an additional investment commitment of more than $2.9 million.
The COO and Co-founder of PLD Space, Raúl Verdú, said, "We are very grateful to all the investors in this round, both the new shareholders and the current partners. With this level of follow-on, PLD Space financial viability is guaranteed to undertake their next milestones such as the first commercial launch of MIURA 5, the internalization of a good part of the rocket production processes and, of course, the demonstration flights of MIURA 1."
The General Director of Aciturri, Álvaro Fernández Baragaño, added, "this new financing round allows us to consolidate our position as a reference industrial partner of the PLD Space project, one of the main lines in our positioning strategy in the Aerospace&Defence segment. After our incorporation in 2018, we renew our support for the development of PLD Space, a project that will involve the development of different technologies nationwide. We are completely confident that PLD Space team has the necessary capabilities to make this project a major player in this market globally."
The General Director of CDTI, Javier Ponce Martínez, said, "CDTI's support for PLD Space initiative is part of the Spanish Administration's firm commitment to the so-called new space, which is transforming space activity and presents interesting opportunities in a high-tech and qualified sector. Through the INNVIERTE program, since 2019, CDTI supports the capitalization of technology companies in co-investment with other private investors. In this manner, these companies are capable of overcoming the first stages at the market, which carry a high technical risk."
Filed Under: Business Moves, Funding, Launch Vehicle, Manufacturing, New Products, Series B, Suborbital