TLDR:
- Phantom Space Corp. closed a bridge round to fund development and manufacturing of satellites and launch vehicles.
- Phantom is developing Daytona, a launch vehicle for payloads with a maximum mass of 500 kilograms.
Phantom Space Corp. has successfully closed a bridge funding round to support the development and manufacturing of satellites and launch vehicles. The Tucson, Arizona-based startup did not disclose the exact value of this latest round, but so far, the company has raised around $37 million. One of the key projects Phantom is working on is Daytona, a launch vehicle designed for payloads weighing up to 500 kilograms. Additionally, the company plans to establish the Phantom Cloud small satellite constellation, which will offer satellite data backhaul services, on-orbit cloud storage, and edge computing.
Founded in 2019 by Jim Cantrell and Michael D’Angelo, Phantom takes a contrarian approach by partnering with existing suppliers rather than aiming for vertical integration. The company sees strong demand for its satellites from space application companies that prefer not to delve into satellite construction. By streamlining production processes and focusing on affordable access to space, Phantom aims to revolutionize the industry. Balerion Space Ventures led the bridge round, with other participants including the Reaser Family Office and Kolh Capital, highlighting the excitement surrounding Phantom’s innovative work.
This latest funding round propels Phantom closer to its goals of making space universally accessible, affordable, and rapid. The company’s unique approach to satellite and launch vehicle development shows promise for the future of space technology and exploration.
