Slingshot Aerospace has secured $25 million in a round of Series A-1 financing co-led by Draper Associates and ATX Venture Partners and will use the capital to advance the commercialization of its space collision avoidance communications and coordination platform, dubbed Slingshot Beacon.
Additional investors that participated in the funding round include Edison Partners, Lockheed Martin Ventures, Valor Equity Partners, Embedded Ventures, Revolution’s Rise of the Rest Fund and Okapi Venture Capital, Slingshot Aerospace said Thursday.
Austin, Texas-based Slingshot Aerospace will also use the funds to bring to market its other products and technologies and add 40 new employees to its workforce in the next 12 months.
“The opportunities are endless in space but we must unlock a digital revolution to optimize spaceflight operations and orbital asset management. Real-time coordination is necessary to provide more accessible, timely and accurate risk mitigation across all space faring organizations,” said Melanie Stricklan, CEO and co-founder of Slingshot Aerospace, which has raised $42 million in funding since its establishment in 2017.
Slingshot Beacon enables government, civil and commercial customers to collaborate and communicate through a single platform to mitigate risks and protect and manage their satellites and other space assets.