What's Happening?
UK startup NewOrbit has raised $18.5 million in a Series A funding round led by Voyager Ventures, with participation from previous investors and notable angel investors. The funding will support the development of a new class of Very Low Earth Orbit (VLEO)
satellites, with the first flight of the NEO-1 satellite planned for 2028. The NEO-1 mission will demonstrate the satellite's ability to operate in VLEO, using an air-breathing ion propulsion engine to maintain orbit. The funding will also enable NewOrbit to build a production facility capable of producing up to 10 satellites per year, with plans to scale up to over 100 annually.
Why It's Important?
NewOrbit's focus on VLEO satellites addresses the growing congestion in Low Earth Orbit (LEO), where the number of satellites is expected to reach 100,000 by 2030. Operating in VLEO offers benefits such as higher-resolution Earth observation and lower-latency communications, while reducing space debris and radiation exposure. This development positions NewOrbit as a key player in the evolving satellite industry, potentially influencing the future of satellite operations and space exploration. The company's approach could lead to more sustainable and efficient satellite deployment, impacting industries reliant on satellite data and communications.
What's Next?
NewOrbit plans to use the new capital to construct a production facility for the NEO-1 satellite and ramp up production capacity. The company aims to conduct its first VLEO mission by 2028, with subsequent high-cadence flights. As competition in the satellite industry intensifies, NewOrbit's experience with government VLEO missions and its innovative propulsion technology may provide a competitive edge. The success of these missions could attract further investment and partnerships, potentially leading to advancements in satellite technology and broader applications in various sectors.
