Loft Orbital Secures $170M Funding After $500M+ Bookings

Loft Orbital Secures $170 Million in Series C Funding

Space infrastructure provider Loft Orbital has successfully completed a Series C funding round, raising $170 million. The investment was co-led by Tikehau Capital and Axial Partners.

Interestingly, this Series C funding surpasses the total amount of $160 million the company had previously secured since its founding in 2017.

The company has not disclosed its current valuation. However, PitchBook data indicates a post-money valuation of $550 million following the $130 million Series B round concluded in 2021.

Investment Details and Growth

Additional investors in this round included Bpifrance, Foundation Capital, Temasek, and Uncork Capital, bringing the total funding raised to date to $330 million.

While specific revenue figures remain undisclosed, co-founder and COO Alex Greenberg revealed to TechCrunch that the company has experienced a 100% revenue increase for two consecutive years.

“With over $500 million in bookings generated from $160 million in prior capital, we demonstrate strong capital efficiency within a traditionally capital-intensive sector,” Greenberg stated. “Our current focus is on achieving profitability and long-term business sustainability.”

Customer Base and Mission Deployment

Loft Orbital has sold over 30 satellites to a diverse clientele, including prominent organizations such as NASA, Microsoft, Anduril, and BAE Systems.

To date, the company has successfully deployed more than 25 customer missions utilizing its five launched satellites.

Established in January 2017, Loft Orbital’s core mission is to simplify the deployment and operation of space missions for various organizations.

Service-Based Approach to Space Infrastructure

The company offers a service-based approach, handling the complexities of deploying and operating customer missions in space.

Loft Orbital procures standard satellites from suppliers like Airbus and LeoStella, then integrates customer-specific payloads. This eliminates the need for customers to independently manage hardware and ground segment networks.

“We differentiate ourselves by configuring existing satellite platform components rather than designing satellites for individual missions,” explained Greenberg. “This approach is akin to utilizing modular building blocks.”

Virtual Missions and Onboard Computing

Loft also provides “virtual missions,” enabling customers to deploy software applications onto Loft satellites.

This allows for leveraging onboard sensors and compute nodes, real-time data analysis, and a wide range of applications.

Recent Developments and Future Plans

In August of the previous year, Loft Orbital announced a joint venture with Marlan Space, based in Abu Dhabi.

This venture secured over $100 million from a holding company linked to the Emirati royal family, aiming to bolster satellite manufacturing capabilities within the region.

Furthermore, the company recently launched YAM-6, a satellite specifically designed for running artificial intelligence applications in space.

Greenberg outlined two primary uses for the newly acquired capital. The company intends to increase its satellite launch rate from a handful annually to more than ten.

Additionally, Loft Orbital plans to expand its virtual mission offerings, grow its AI business – allowing customers to create and deploy AI systems (such as wildfire detection) onto Loft satellites – and cultivate a network of AI application partners.