The Munich-based startup Isar Aerospace Technologies is pleased to announce its successful seed financing. Unternehmertum Venture Capital Partners Vito Ventures is also investing in the young company. Former SpaceX senior executive David Giger and Global Space Ventures founder Bulent Altan are also participating in the financing round.
With the fresh capital, Isar Aerospace continue to advance the development of small rocket engines. Given the increasing privatization of the space industry, demand for smaller launch vehicles capable of transporting payloads such as satellites at low cost is growing.
The team led by Daniel Metzler, founder and CEO of Isar Aerospace Technologies, is currently working on a propulsion solution that combines hydrocarbon mixtures and liquid oxygen, thus eliminating the conventional, but toxic, rocket fuel hydrazine. The launch of this new technology is planned for 2021.
Revolutionizing access to space travel
For successful seed financing, Daniel Metzler:
"Our aim is to revolutionize access to space and to make it affordable for everyone. To achieve this, we are starting off by turning our attention to the most complex part of a launch vehicle — the propulsion system. This new investment will enable us to continue the development of our rocket engines, which are cost effective and at the same time considerably more advanced than conventional engines in the same thrust class."
And Tommy Oehl, Managing Partner of Vito Ventures GmbH, says:
"Although privatization of the space industry is already at an advanced stage, there is still a dearth of convincing European solutions. Through our investment in Isar Aerospace, we want to be at the forefront of this growth area. We were persuaded by the fact that the team is highly experienced despite its young age. We are confident in their ability to build the European SpaceX",
Know-how has convinced
Bulent Altan explains its decision to invest in Isar Aerospace as follows:
"We have been observing the market for a very long time and are in discussions with many players. The Isar Aerospace team has made a lasting and positive impression on us with their know-how. We believe in Daniel and his team and look forward to accompanying them on their journey as investors and supporters."
