Orbit Fab has closed a round of Series A financing led by 8090 Industries and will use the investment to accelerate the deployment of fuel delivery and storage platforms in geostationary and low-Earth orbits.
Lockheed Martin’s venture arm, Stride Capital, Industrious Ventures, Tribe Capital, Massive Capital Partners and Good Growth Capital also participated in the round that raised $28.5 million in funding, Orbit Fab said Monday.
Orbit Fab’s Rapidly Attachable Fluid Transfer Interface is a fueling port that is being integrated into government and commercial satellites to extend missions in LEO and GEO orbits.
“We will leverage the funding to drive fuel sales and intensify the production and integration of our RAFTI refueling ports aboard government and commercial spacecraft to power the engines of the industrial revolution in space,” said Daniel Faber, founding CEO of Orbit Fab.
Orbit Fab plans to hire 25 more personnel and expand production and technical capabilities in the U.S. and the U.K. this year to meet the increasing demand for in-space fuel delivery systems.
The Lafayette, Colorado-based company also received $21 million in defense contracts, including a four-year contract with the Defense Innovation Unit to provide hydrazine fuel for Space Force satellites.