X-Bow Launch Systems Inc., Albuquerque, New Mexico, USA, a space technology company applying Additive Manufacturing techniques to the production of solid rocket energetics, has closed a $27 million series A investment round.
This round closes ahead of X-Bow’s static fire test of its 81 cm diameter ‘Ballesta’ solid rocket motor and subsequent launch at White Sands Missile Range, New Mexico. The company states this will be the first large-diameter scale motor designed and tested by a non-legacy systems integrator supplier in over thirty years.
The funding round was co-led by Crosslink Capital and Razor’s Edge Ventures, with additional participation from Lockheed Martin Ventures and Broom Ventures. X-Bow’s capital raise team was led by its co-founder and CRO Maureen Gannon. The capital raised is said to have come at a time of significant growth for X-Bow as its advances its patent-pending Additive Manufacturing technology for solid rocket energetics and expands its solid rocket motor product portfolio. The new financing is expected to further accelerate customer support, team growth, and investment in the company’s next generation of product offerings.
“We are proud of the support we have received from our investors and appreciate the confidence they signal in X-Bow’s team, breakthrough technology and innovative approach to solid rocket motor development,” stated Jason Hundley, X-Bow CEO and co-founder. “Raising a strong round with these high calibre investors allows us to increase our rapid growth and accelerate our plans to disrupt a critical industry. I am also very fortunate to work with an outstanding team here at X-Bow that is making groundbreaking achievements in the sector.”
Matt Bigge, Crosslink Capital Partner, commented, “X-Bow has a great combination of experienced leadership and a truly innovative Additive Manufacturing technology for energetics. They are the much-needed changemaker poised to disrupt the energetics market with its disruptive technologies. Crosslink invested in X-Bow because of its ability to catalyse a critical evolution in the national security, defence and commercial space technology markets.”
Mark Spoto, co-founder and Managing Partner of Razor’s Edge Ventures, added, “The X-Bow team brings a unique perspective and clear vision of the gaps within the traditional ecosystem of solid rocket motor manufacturers. The company’s proprietary Additive Manufacturing approach to solid rocket energetics, motors and architectures will, for the first time, enable rapid, agile, cost-effective solutions to be brought to a market that has always thought about product development in terms of years of development time and tens or hundreds of millions of dollars per product. We invest in great management teams with differentiated products that solve large, difficult problems across both national security and the commercial enterprise markets and are extremely excited to partner with X-Bow’s team to help accelerate their growth and product expansion.”