Ursa Major, a pioneering rocket propulsion startup, has announced a noteworthy addition of $38 million to its previously disclosed $100 million Series D funding round. This latest infusion, led by Explorer 1 Fund and Eclipse, includes contributions from prominent entities such as RTX Ventures, BlackRock-managed funds, Exor Ventures, Mack & Co., XN, and other institutional shareholders. The Denver-based company initially unveiled its Series D funding back in April but opted to extend it to a Series D-1 phase due to heightened interest aimed at accelerating development across various future programs.
Over the past year, Ursa Major has demonstrated remarkable progress, securing substantial commercial and government partnerships, delivering numerous flight-ready engines, introducing innovative engine concepts, and actively addressing critical gaps in the nation’s defense infrastructure. Notably, the company’s CEO and founder, Joe Laurienti, highlighted the development of Lynx, a series of solid rocket motors designed to deliver urgently needed capabilities.
The newly acquired funds are earmarked for the advancement of Lynx, signaling Ursa Major’s commitment to furthering cutting-edge propulsion technologies. Additionally, the company aims to enhance production capacity and propel other critical propulsion programs forward. Since its previous funding round, Ursa Major has also introduced Draper, a storable liquid engine specifically designed to counteract the emerging threat of hypersonic weapons.
While specific details about the valuation remain undisclosed, reports from April hinted that Ursa Major was seeking funding at a substantial $400 million pre-money valuation. Since its founding in 2015, the company has successfully raised a cumulative total of nearly $272 million.
Ursa Major’s technological prowess extends to applications in both the defense and space industries, making it a pivotal player at the intersection of these dynamic sectors. Despite historical trends that have seen limited venture capital interest in defense tech, Ursa Major’s success reflects a shifting landscape. Notably, U.S.-based defense tech startups witnessed a notable increase in funding this year, totaling $634 million, including significant investments like Shield AI’s $200 million Series F at a remarkable $2.7 billion valuation. Ursa Major’s latest funding round reaffirms its strategic importance in advancing aerospace technology and underscores the growing intersection of space and defense initiatives.
