On Wednesday, Phantom Space, a Tucson, Arizona-based space manufacturing startup that aims to become the “Henry Ford of Space” by mass manufacturing satellites and space transportation as part of a globally distributed launch site network, has brought a new investor onboard. The company’s $5 million seed round was led by New York City growth investor Chenel Capital, an early stage investor in aerospace, AI and semiconductor startups.
This funding round will be used to expand Phantom’s team of engineers, scientists, and technicians to design its space transportation systems based on current requirements and supply chain realities. Phantom is currently building its first launch vehicle development unit in preparation for stage level testing late this year.
The first launch will be with Phantom’s Daytona rocket, which employs the first US produced oxidizer-rich stage combustion LOX/RP engines built by Ursa Major Technologies in Denver, Colorado. Phantom is currently building four launch vehicle development units, putting their current trajectory for their first orbital launch in the first quarter of 2023.
“We are proud of our contrarian approach to building rockets and other space transportation technology,” said Jim Cantrell, CEO & Co-Founder of Phantom Space Corporation. “We want to be the Henry Ford of the space industry with mass production while others in this space are focused on vertically integrating their technology and supply chain. At Phantom, to achieve rapid time to market and enabling mass manufacturing, we are leveraging mature supply chains in addition to our own innovations. This allows us to get to orbit faster than ever thought possible.”
StratSpace
Phantom recently acquired StratSpace, an Arizona-based company that develops space systems and flight hardware, leads space market forecasting, and represents space industry clients across the world. StratSpace has hosted 46 successful space missions and satellite programs since their inception and Phantom will be integrating these core technologies as part of its mission to transform the space transportation industry.
Phantom is currently focused on securing more launch sites over the next year. Furthermore, Phantom has confirmed that they are building an imaging satellite for a commercial customer who will be deploying this imagery in support of United States Department of Defense core missions. This is one of many government partnerships on Phantom’s radar for the near future in addition to a multitude of commercial projects.
“Phantom Space is among the best-positioned space startups to democratize access to space,” said Richard Chenel, Founder and Managing Partner at Chenel Capital. “Phantom has seen strong demand from both government and commercial partners and we’re thrilled with the opportunity to provide the lead in capital for this round that will support their growing pipeline of customers and launch sites”
