- Satellite Evolution
Equatorial Space secures US$1.5m Seed Round from Elev8.VC, Seeds Capital
Singapore rocket company, Equatorial Space Systems has raised a Seed Round led by Elev8.VC with Seeds Capital and Masik Enterprises joining as well.
The round - totalling US$1.5m will serve to develop the company’s Dorado commercial sounding rocket family which will provide low-cost space access for science experiments, technology demonstrators and academic payloads.
The Dorado will be propelled by a hybrid rocket motor using a combination of chilled Nitrous Oxide (cNOX), as well as a proprietary, patent-pending solid fuel formulation known as HRF-1AL - which delivers a high regression rate, high density and flight-proven structural integrity. The propellant combination is also non-toxic and low in greenhouse gas emissions. The first launches are slated for mid-2024.
“At Elev8.VC, we believe in supporting visionary founders who are creating breakthrough technologies to address humanity's biggest challenges. Having been following Equatorial’s progress since the beginning, we are thrilled to be a part of their mission to provide safer and more affordable access to space, while also prioritizing the health of our planet,” said Remi Choong, Principal at Elev8.VC.
“Equatorial Space Systems’ breakthrough in rocket propulsion holds potential to lower barriers related to safety, cost, and sustainability that have traditionally impeded the adoption of space technologies. These advances will play an important role in developing other space technologies in Singapore and add to the vibrancy of Singapore’s innovation ecosystem. SEEDS Capital and our co-investment partner Elev8.VC are thrilled to support Equatorial Space Systems’ innovation journey to push new frontiers. We look forward to supporting its growth across Asia Pacific,” said Tan Kaixin, General Manager, SEEDS Capital.
“Right from our first meeting with Equatorial, we appreciated their ambition and grit and have been very impressed with their technology and pace of development. We believe that frugal, pragmatic and innovative companies will emerge as the most successful in the space launch and propulsion industry, and we're excited to continue supporting them on their journey” said Matt Kozlov, Managing Director of Techstars Space, one of Equatorial's early investors.
“Since our inception nearly 6 years ago, it was our ambition to become Southeast Asia’s first commercial launch operator and with this vote of confidence from our investors and supporters, we are now on track to make this dream come true. We are humbled and grateful for all the support we received so far, and look forward to building up considerable flight heritage prior to expanding towards orbital launch capability,” said Simon Gwozdz, the Founder and CEO of Equatorial Space.
“We congratulate Equatorial Space Systems for securing a new round of funding to develop safer and greener hybrid rockets. It demonstrates how space tech startups can leverage partnerships in Singapore to pursue innovation and new possibilities. The Office for Space Technology and Industry (OSTIn) is committed to supporting the growth of a vibrant and diversified commercial space ecosystem in Singapore, including local companies like Equatorial Space Systems, as global developments make space more accessible,” said David Tan, Executive Director of Singapore’s national space office, the Office for Space Technology and Industry (OSTIn).