Space propulsion startup Magdrive raises $10.5m seed funding to enable a new era of sustainable space exploration
Magdrive, the startup creating the next-generation of spacecraft propulsion, today announced its $10.5 million seed funding round led by pan-European VC Redalpine.
What sets Magdrive’s electric spacecraft propulsion system apart is its unrivalled thrust and efficiency, which will allow spacecraft to travel farther and manoeuvre with greater precision than ever before. Magdrive’s system also uses a sustainable metal propellant.
Based in Oxfordshire, UK, Magdrive was founded in 2019 by CEO Mark Stokes, a mechanical and deep learning engineer with expertise in hands-on prototyping of robotics and aerospace systems, and CTO Dr Thomas Clayson, a plasma physicist and pulsed power electronics engineer.
Magdrive is preparing for the first in-space tests of its Magdrive Rogue thruster, set to launch in June this year in collaboration with D-Orbit, providing the rapidly growing satellite constellations market with a high-thrust and high-efficiency solution at low mass and volume.
Stokes said: “Magdrive represents the next generation of spacecraft propulsion, turning humanity’s grand ambitions in space into a reality with mega constellations, asteroid mining, and in-space servicing, assembly, and manufacturing; all the building blocks to make us a space faring civilization.”
Redalpine General Partner Harald Nieder said: “Magdrive’s technology has tremendous potential to change the game in spacecraft propulsion to solve big pain points in the status quo, including manoeuvrability and longevity. Propulsion is literally driving the emerging space economy. We are delighted to back Tom, Mark, and the team as they push forward this leap in spacecraft propulsion.”
Founders Fund, who led Magdrive’s first funding round, and Balerion, Alumni Ventures, Outsized Ventures, 7percent, and Entrepreneur First also contributed to the round. The funding will enable Magdrive to continue research and development for its innovative high-thrust electric propulsion systems for all sizes of satellites, build a manufacturing facility in the UK, and establish a US office
