Accion Systems, a startup working on in-space propulsion systems, has raised $11M through a Series B funding round that will support the company’s workforce expansion and technology production efforts.
Boeing's HorizonX venture capital arm and Shasta Ventures co-led the round, which brings Accion’s total funds to $36M including $14M in contract awards from the Department of Defense and NASA, Accion said Tuesday.
Shasta previously led the propulsion tech maker's Series A funding round, while Boeing agreed to invest in the startup in 2018.
Headquartered in Boston, Accion is a spinoff company of the Massachusetts Institute of Technology and develops ion-generating systems designed to power a range of spacecraft platforms.
The company developed the Tiled Ionic Liquid Electrospray system, which uses ionic liquid propellants and stamp-size thrusters to extend the service life of satellites and other spacecraft.
Accion CEO Natalya Bailey said the company seeks to increase small-satellite navigation and maneuverability while supporting mission length, station maintenance and de-orbiting service.
“Our support of Accion supports Boeing's leadership in adopting next-generation technologies to advance satellite capabilities,“ noted Brian Schettler, a senior managing director at Boeing HorizonX Ventures.
Accion noted it will collaborate with MIT-led institutions and NASA on cube satellite development and modernization projects.