SAN FRANCISCO — Agile Space Industries raised $13 million to expand production and development of propulsion systems.
The seed funding round, announced June 23, was led by Caruso Ventures. Participants included Lockheed Martin Ventures, Greater Colorado Venture Fund, CORI Innovation Fund and Greenline Ventures. Durango, Colorado-based Agile has raised more than $18 million to date.
The investment by Lockheed Martin Ventures, made after Agile worked with Lockheed Martin on a number of projects, helps bolster Agile’s credibility, Agile CEO Chris Pearson told SpaceNews by email. “The credibility matters to both other blue chip space customers as well as the investment community. Being part of the Lockheed Martin Ventures family is already opening up some doors to customers and programs that we were not even aware of.”
Agile Space Industries was established in 2019 when Agile Space Propulsion merged with Advanced Mobile Propulsion Test. In 2021, Agile acquired Pittsburgh-based Tronix3D and created Agile Additive. Agile also raised money through a seed round in 2020.
With the latest funding, Agile plans to expand its metal additive manufacturing and chemical propulsion testing infrastructure, Pearson said. “In addition, we will be looking to accelerate some of our product development activities.”
Agile is supplying thrusters for robotic lunar landers being built by Astrobotic Technology and Japan’s ispace. In April, Agile announced the qualification of its first product, the A110 thruster, for lunar landing.
“Agile has started delivering flight hardware for lunar missions but we also are developing and delivering chemical propulsion solutions for other more traditional aerospace and defense customers,” Pearson said. “We have established a good degree of diversification between national security, civil and commercial space with some great opportunities” for “recurring business.”
Chris Moran, Lockheed Martin Ventures vice president and general manager, said in a statement, “Our investment in Agile Space Industries underscores our commitment to the development of breakthrough technologies that bring us closer to discovering more of space.”
Agile revenues have increased by more than 70 percent annually, according to the June 23 news release.
“Our customers benefit from our novel designs that push performance while dramatically reducing development and qualification lead-times,” Pearson said in a statement.