Los Angeles-based space manufacturing company Apex has raised $95 million in a Series B funding round led by XYZ Venture Capital and CRV. The company will use the funds to increase its production of satellite buses, the core components of satellites, to meet growing demand from customers like the U.S. Department of Defense.
Expanding Production Capabilities
Apex plans to use the new funds to scale its manufacturing operations after launching its first satellite bus in March. The company recently opened a new factory to help increase production capacity.
CEO Highlights Need for Scalable Production
Apex CEO and founder Ian Cinnamon highlighted the need for scalable satellite production. “The West cannot achieve the capabilities we need in space at the necessary scale and speed without a productized approach to powering and supporting satellites,” said Cinnamon. He noted that the funding is a strong endorsement of Apex’s vision and success following their first launch and multiple sales to commercial, government, and international customers.
Apex’s Growth and Funding
Founded in 2022, Apex has now raised a total of $122 million, according to Crunchbase.
Rising Interest in Space Tech
Apex’s recent funding reflects a broader trend of increasing investment in space technology. Data from Crunchbase shows that space tech startups have already raised $3.3 billion in 2023, compared to $5.8 billion for all of 2022.
