WASHINGTON — Apex has raised $200 million in a new funding round intended to help the company accelerate production of satellite buses.
Apex announced April 29 that it raised the Series C round led by Point72 Ventures and co-led by 8VC. Existing investors, such as Andreessen Horowitz, participated in the round, as well as new firms Washington Harbour Partners and StepStone Group. Apex declined to disclose the company’s valuation after this round.
The Series C round comes less than a year after the company raised $95 million in a Series B round. At the time, the company said it would use the fund to ramp up production of its Aries satellite bus and the larger Nova bus.
Ian Cinnamon, chief executive of Apex, said in an interview that the company was not going out to investors looking to raise a Series C. “This was inbound from investors saying, ‘Hey, look, we’re seeing the traction that you’re doing. This is phenomenal. We want to go put more money in,’” he recalled. “We had this opportunity in front of us to take this money.”
In addition to the inbound interest from investors, he said the round was oversubscribed, with three times the demand for the $200 million Apex raised. “Investor interest, it seems like, has steadily grown over time as we continue to put more satellites under contract with customers.”
“Apex is laser-focused on what we believe missions in space need most: rapid delivery, transparent pricing, and the highest possible quality,” Chris Morales, partner at Point72 Ventures, said in a statement. “The demonstrated success of Apex’s satellite buses and the company’s innovative approach to manufacturing have helped them win the trust of customers ranging from the U.S. Space Force to industry leading primes.”
“Apex’s satellite buses are delivering the on-orbit proliferation required for America to prevail in the new space race,” said Joe Lonsdale, founder and managing partner at 8VC, in a statement.
Cinnamon said the company would use the funding for increased vertical integration of its satellite manufacturing processes as well as stock more components and fully assembled satellite buses. That, he said, would allow the company “to be able to deliver the actual buses to customers at a much faster pace.”
He said the company is seeing growing interest in the company’s buses, particularly for national security applications. “There’s definitely change afoot in the market,” he said, “focusing more on the end capabilities that are being delivered, not necessarily on some paper architecture.”
That demand includes roles in Space Development Agency’s missile-tracking and communications constellations as well as potential uses in the proposed Golden Dome missile defense initiative. He also cited interest in geostationary orbit versions of its satellites, such as for space situational awareness.
Cinnamon declined to disclose how many Aries satellites the company has sold to date, but said it was enough to keep the company’s Los Angeles factory busy “all the way through next year.” That factory is designed to ultimately produce up to 12 satellites a month.
One Aries satellite has launched so far, which remains in operation as a technology demonstration mission and supporting some customers after more than a year in orbit. He said the company expects several customers to start launching their Aries satellites later this year.
