Total amount raised
$63 Millions
Latest funding date
11/01/2024
Location
Starfish Space has successfully raised $29 million in a recent Series A funding round, attracting investment from notable backers such as NFX, Shield Capital, and Booz Allen Ventures. The company is focused on developing autonomous space vehicles for in-orbit satellite servicing missions, with their flagship product, Otter, designed to be a cost-effective and efficient solution for satellite life extension and disposal.
Keep reading to explore the intricacies of Starfish Space's fundraising journey and the investors backing this innovative platform.
What Is Starfish Space?
Starfish Space, founded in 2019 by Austin Link and Trevor Bennett, is headquartered in Tukwila, Washington. The company operates in the aerospace, manufacturing, space travel, and transportation industries, focusing on developing autonomous space vehicles for in-orbit satellite servicing missions.
With an employee count ranging from 51 to 100, Starfish Space is known for its flagship product, Otter, which provides cost-effective and efficient satellite life extension and disposal services. The company is actively validating its technology through missions like Otter Pup, launched in June 2023, to advance satellite servicing capabilities.
How Much Funding Has Starfish Space Raised?
- Pre-Seed Round
- Amount Raised: $500K
- Date: October 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial capital to develop their satellite servicing technology.
- Seed Round
- Amount Raised: $7M
- Date: August 2021
- Lead Investors: MaC Venture Capital, NFX
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development of their first demonstration mission.
- Seed Round
- Amount Raised: $7.5M
- Date: March 2023
- Lead Investors: Spacecadet Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Further development and scaling of their technology.
- Grant
- Amount Raised: $3M
- Date: March 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the launch of their Otter Pup demonstration mission.
- Series A
- Amount Raised: $14M
- Date: March 2023
- Lead Investors: Munich Re Ventures, Toyota Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance satellite servicing technology and support further development.
- Grant
- Amount Raised: $150K
- Date: June 2023
- Lead Investors: NASA
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance satellite servicing capabilities.
- Grant
- Amount Raised: $1.8M
- Date: August 2023
- Lead Investors: AFWERX
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development of autonomous space vehicles.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: December 2023
- Lead Investors: Alumni Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and scale their technology.
- Series A
- Amount Raised: $29M
- Date: November 2024
- Lead Investors: NFX, Shield Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To complete the development of the first three Otter servicing vehicles.
Starfish Space has raised a total of $62.95 million. The current valuation is not publicly disclosed.
Key Investors
- Shield Capital
- Details: Shield Capital is a venture firm focused on funding technologies that will affect U.S. national security. They led the $29 million Series A funding round for Starfish Space.
- Investment Focus Areas: National security technologies, defense, aerospace.
- Notable Investments: Not publicly disclosed.
- NFX
- Details: NFX is a venture capital firm that focuses on network effects and early-stage investments. They participated in multiple funding rounds for Starfish Space.
- Investment Focus Areas: Network effects, early-stage technology, software.
- Notable Investments: Not publicly disclosed.
- Munich Re Ventures
- Details: Munich Re Ventures is the venture capital arm of Munich Re, focusing on insurance-related technologies. They participated in the Series A funding round for Starfish Space.
- Investment Focus Areas: Insurance technology, risk management, cybersecurity.
- Notable Investments: Not publicly disclosed.
- Toyota Ventures
- Details: Toyota Ventures is the venture capital arm of Toyota, investing in innovative technologies. They participated in the Series A funding round for Starfish Space.
- Investment Focus Areas: Mobility, robotics, artificial intelligence.
- Notable Investments: Not publicly disclosed.
- Booz Allen Ventures
- Details: Booz Allen Ventures is the venture capital arm of Booz Allen Hamilton, focusing on innovative technologies. They participated in the Series A funding round for Starfish Space.
- Investment Focus Areas: Defense, cybersecurity, data analytics.
- Notable Investments: Not publicly disclosed.
What's Next for Starfish Space?
Starfish Space is poised to capitalize on the growing demand for satellite servicing and space debris management. With plans to launch three full-size satellite servicing spacecraft by 2026, the company aims to extend the operational life of satellites and dispose of defunct ones. This market is significant, with high demand from both government and commercial sectors, evidenced by contracts with the U.S. Space Force, Intelsat, and NASA.
Future fundraising opportunities are likely as Starfish Space continues to demonstrate the success of its Otter servicing vehicles. The company may attract further investment to scale operations and develop new technologies, potentially leading to strategic partnerships or acquisitions by larger aerospace or defense companies.
However, challenges remain. Technical hurdles in developing autonomous satellite servicing vehicles, competition from other companies, and regulatory concerns could impact progress. Navigating these complexities will be crucial for Starfish Space as it seeks to solidify its position in the space technology sector.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Starfish Space and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.
