What is the story about?
What's Happening?
Apex, a satellite manufacturer, has closed a $200 million Series D funding round led by Interlagos, valuing the company at over $1 billion. This funding will enable Apex to increase its production capacity to meet rising customer demand. The company plans to expand its manufacturing footprint in Los Angeles by leasing a new 55,000 sq. ft. facility, which will boost satellite bus production by 50%. The funding round also sees Tom Ochinero, a founding partner at Interlagos and former SpaceX executive, joining Apex's board to enhance its sales strategy.
Why It's Important?
The Series D funding is crucial for Apex as it seeks to scale its operations and capitalize on the growing demand for satellite technology. The expansion of its manufacturing capabilities will allow Apex to deliver its products more efficiently, potentially increasing its market share in the satellite industry. The involvement of Interlagos and the addition of Tom Ochinero to the board bring valuable expertise and connections, which could enhance Apex's strategic positioning and sales efforts.
What's Next?
Apex's expansion plans include beginning work on the new manufacturing facility next year, which is expected to significantly increase production capacity. The company will likely focus on fulfilling existing contracts, such as the $45.9 million Space Force contract, while pursuing new opportunities in the satellite market. The strategic partnership with Interlagos may also lead to further collaborations and innovations in satellite technology.
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