XCOR Aerospace announced today that it recently closed a $5 million round of equity funding. The round, combined with cash on hand plus anticipated and existing contracts, should fund the company through production of its Lynx Mark I Suborbital vehicle.
The financing included participation of new and previous investors. Among them are Esther Dyson, Pete Ricketts (co-owner of the Chicago Cubs) and several top Silicon Valley entrepreneurs and former venture capitalists.
“We have chosen to announce this wonderful news at the Next Generation Suborbital Researchers Conference here in Silicon Valley because we believe the future of commercial space access will be driven by enterprise customers like the attendees here today,” said Andrew Nelson, XCOR’s Chief Operating Officer. He added, “This investment represents a vote of trust and confidence in the markets represented by NSRC participants.”
Jeff Greason, Founder and CEO of XCOR noted, “I believe we were able to raise funds in these trying economic times because XCOR has demonstrated compelling value to investors and customers. Our $60-plus Million backlog of orders for Lynx suborbital vehicles, flights on Lynx, and our unique reusable non-toxic rocket engines gives the investor community reason to take notice.”
Work proceeds on the Lynx suborbital vehicle at XCOR. With the recent receipt of the Lynx Mark I fuselage, the continued testing of the liquid oxygen and kerosene propulsion system, the fielding of the non-toxic high performance bi-propellant reaction control system, and the recent release of request for quotes for the cockpit pressure vessel and wing strakes, XCOR is getting ever closer to first flight.