Magdrive Secures £8.28M to Advance Electric Propulsion
Revolutionizing Space Travel: Magdrive Secures £8.28M to Propel Electric Propulsion Forward!
Magdrive, an innovative electric propulsion startup hailing from Harwell, U.K., has successfully raised a remarkable £8,280,000 in seed funding. This significant round of funding has attracted a robust lineup of investors including redalpine, Balerion Space Ventures, Founders Fund, Alumni Ventures, 7percent Ventures, Outsized Ventures, and Entrepreneur First. With these new resources, Magdrive is poised to accelerate the development of its next-generation plasma thrusters, setting a new standard for space propulsion technology.
Under the dynamic leadership of CEO Mark Stokes, Magdrive is on a mission to create the Rogue—a compact, high-thrust electric propulsion system designed for use in Low Earth Orbit (LEO) and beyond.
This pioneering technology not only holds promise for satellite applications but also looks towards deep space exploration. By harnessing cutting-edge research and development, Magdrive aims to revolutionize the way satellites and spacecraft are propelled, making space travel more efficient and sustainable.
As part of their ambitious growth strategy, Magdrive plans to establish a U.S. subsidiary in Los Angeles and build a state-of-the-art manufacturing facility in the U.K. These developments will facilitate on-orbit testing of high-power electric plasma thrusters, further advancing propulsion technology. Following a successful pre-seed funding round of $2 million in 2020, this latest funding represents a crucial investment leap for startup founders and investors who are keen on finding opportunities in the rapidly evolving space industry.
Key Terms Explained
- Seed Funding
- Seed funding is an initial round of capital provided by investors to help new startups cover their initial costs and develop a working prototype for their products or services.
- U.S. Subsidiary
- A U.S. subsidiary refers to an entity that is fully or partially owned and controlled by a foreign startup company. Such a setup allows the parent company to expand its operations into the U.S. market.
- Plasma Thrusters
- Plasma thrusters are a type of electric propulsion that use plasma to create thrust. This technology is used in spacecraft propulsion for efficient and sustainable space travel.
Frequently Asked Questions
- How much funding did Magdrive secure in its seed funding round?-Magdrive secured £8,280,000 in its seed funding round.
- Who are some of the investors that participated in Magdrive's seed funding round?+
- What is the focus of Magdrive's technology development after receiving their funding?+
- What is Magdrive's growth strategy following the funding round?+
- What was Magdrive's pre-seed funding amount?+
They've invested in Magdrive
Get to know these Energy investors
| # | Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|---|
1 |  Balerion Space Ventures | 1 investment(s) investment(s) | more info | |||
2 |  Founders Fund | 1 investment(s) investment(s) | more info | |||
3 |  Alumni Ventures | 4 investment(s) investment(s) | 39 contacts contacts | |||
4 |  7percent Ventures | 4 investment(s) investment(s) | more info | |||
5 |  Outsized Ventures | 1 investment(s) investment(s) | more info | |||
6 |  Entrepreneur First | 8 investment(s) investment(s) | more info |
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