Insider Brief
- Phase Four has closed the first round of its Series C funding with nearly 60% of its target raised.
- Artemis Group Capital, led by former NASA Administrator Jim Bridenstine, spearheaded the round, with participation from new and existing investors.
- The funding aims to address a critical challenge in the space industry: the rising demand for in-space propulsion outpacing the supply chain. The company plans to scale production of its Valkyrie Hall Effect Thrusters to a minimum of 250 units annually.
Phase Four has announced a significant milestone in its growth, closing the first round of its Series C funding with nearly 60% of its target raised. Artemis Group Capital, led by former NASA Administrator Jim Bridenstine, spearheaded the round, with participation from new and existing investors.
The funding aims to address a critical challenge in the space industry: the rising demand for in-space propulsion outpacing the supply chain. Phase Four’s Chief Technology Officer, Dr. Umair Siddiqui, highlighted this issue, stating that the company plans to scale production of its Valkyrie Hall Effect Thrusters to a minimum of 250 units annually. The company will also direct resources toward developing next-generation thrusters tailored to defense and national security applications.
As the market for small satellite constellations and in-space maneuvering capabilities grows, Phase Four’s propulsion systems are positioned to meet the needs of both commercial and government missions. The company’s collaboration with Redwire Space on the Valkyrie thruster reflects confidence in the sustained demand for these systems. Redwire’s expertise in the space systems market complements Phase Four’s propulsion innovations, creating a domestic supply chain for high-quality thrusters.
Phase Four’s CEO, Dr. Steve Kiser, emphasized the strategic importance of establishing stable U.S.-based supply chains for critical space components, citing geopolitical and economic risks in global supply chains. The company plans to close its Series C round by the end of Q1 2025, with funds allocated for manufacturing expansion, research and development, and strengthening partnerships in the space sector.
Image credit: Phase Four
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