TAMPA, Fla. — Ground station services provider Atlas Space Operations said Sept. 4 it has raised $15 million for the working capital needed to triple revenue over the next 12 months.
Luxembourg-based private equity firm NewSpace Capital led the pre-Series C funding round, which Atlas CEO John Williams said brings total venture capital raised to $50 million since the firm was founded seven years ago.
He said Atlas currently employs 42 people and will likely double the team before the end of 2024 to scale up operations.
Atlas has been on the path to double revenues this year, according to Williams, who did not detail the private company’s finances.
Michigan-based Atlas uses network management software to connect antennas and provide a federated network that enables customers to leverage unused ground station capacity.
The software enables customers to tap into Atlas’ network in addition to infrastructure operated by partners Viasat and Amazon.
The network comprises over 50 antennas across more than 34 ground stations worldwide, which Atlas says makes it the largest U.S.-owned and operated global federated ground network.
Williams said expected growth for its services is tied to U.S. government projects and commercial customers worldwide.
Freedom Space Technologies, an Atlas subsidiary, announced early this year it had partnered with defense contractor Omni Federal to develop a ground system for U.S. Space Force missile-warning satellites. Omni Federal is one of four companies that won U.S. Space Force contracts for FORGE C2, or Future Operationally Resilient Ground Evolution Command and Control.
NewSpace Capital partner Martin Halliwell is joining Atlas’ board as part of the investment.
The private equity firm, which had previously invested in Atlas, has also invested in synthetic aperture radar operator Iceye, Earth observation camera maker Simera Sense, satellite imagery analysis provider Kayrros and ground-to-space laser communications specialist Cailabs.
Other existing Atlas investors, including Michigan Capital Network, Beringea, Wakestream Ventures and Boomerang Catapult, also took part in the company’s latest funding round. New investors Michigan Rise and Red Cedar Ventures also participated.
Williams said “a small amount left to source” in the Series C funding round is in the works, although it may not be required.
“If we were to do it, it would be the second half of next year,” he added.
The company’s ground-station-as-a-service competitors include Norway’s KSAT, SSC Space of Sweden and Italy-based Leaf Space.
