German startup Isar Aerospace has raised $17 million in funding for the development of its Spectrum launch vehicle. The company hopes to launch the maiden Spectrum flight in late 2021.
Founded in 2018, Isar Aerospace is aiming to create a low-cost launch service targeted at supporting small and medium satellite operators. In a December 10 press release, the company announced that it had closed a Series A investment round raising over $17 million. The investment round was led by Earlybird and Airbus Ventures, a venture capital subsidiary of the aerospace titan.
The funding raised during Isar Aerospace’s Series A will be utilized to develop the company’s two-stage liquid-fueled Spectrum launch vehicle. Spectrum is one of the larger “small launch vehicles” under development and will be capable of launching as much as 1,000 kilograms into Low Earth orbit.
“Space is becoming the new internet and its commercialization is in full swing,” said Isar Aerospace COE, Daniel Metzler. “This funding round enables us to progress substantially in our development of sustainable, environmentally-friendly launch vehicles and further deliver on our vision to make space access affordable for everyone.”
Despite having completed a successful first round of funding, Isar Aerospace is entering an increasingly saturated market. There are currently around 150 small launch vehicles under varying stages of development around the world.
Seemingly with this in mind, Isar Aerospace has outlined an ambitious timeline for the development of the Spectrum. Currently, the company is targeting late 2021 for the launch of the maiden Spectrum mission.