Magdrive raises $10.5m seed funding for novel propulsion systems

Magdrive, a UK space tech startup, has successfully raised $10.5 million in seed funding. The round was lead by the VC Redalpine.

Balerion, Alumni Ventures, Outsized Ventures, 7percent, and Entrepreneur First also contributed to the round. And the investment will be used to drive R&D, build a manufacturing facility in the UK, and establish a US office.

Magdrive

Based in Harwell, Oxfordshire, Magdrive is developing its satellite propulsion system, Magdrive Rogue Thruster. In contrast with current propulsion systems, it uses metal propellant.

The company highlights that the system enables high cadence avoidance manoeuvres with extremely low volume and mass. With the ever increasing number of satellites in orbit – 100,000 within five years, it quotes – the agility and manoeuvrability needed to avoid collisions in space will also increase. Also, potentially, its sourcing could be in-space, says the company.

“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 civilisation,” said CEO Mark Stokes (pictured).

The company is currently preparing for its first in-space tests of the Magdrive Rogue thruster. It is due to launch in June, in collaboration with D-Orbit, the Italian space logistics company.

Note that Magdrive raised a pre-seed round of $2 million in 2020. It has also received $10 million of government funding to date, including from the UK Space Agency and European Space Agency.

Spacecraft propulsion

“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,” said Redalpine’s General Partner Harald Nieder.

“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.”

The company founding was in 2019.

Images: Magdrive

See also: Pulsar Fusion tests electric propulsion for larger orbital payloads