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Loft Orbital Obtains $13 Million Funds Through Series A Round

Loft Orbital announced the addition of approximately $13 Million in its funds. Reportedly, developing a small satellites constellation to take group payloads for clients not intending to send their own satellites will be the main motive of this fund. The Series A round was headed by Foundation Capital along with participation from diverse firms such as Cendana Capital, Kima Ventures, GFA Ventures, and Swell Partners. With the latest amount added, Loft Orbital stated that it holds a total of $20 Million in “non-dilutive and equity capital.”

The launch of YAM-2 (Yet Another Mission-2), the foremost satellite by Loft Orbital, will be carried out in mid-2020. Loft Orbital’s Head Of Operations and Co-Founder Alex Greenberg stated that the latest launch will be performed with the help of the Indian Polar Satellite Launch Vehicle, which is made available by Spaceflight. He added that the firm decided to keep YAM-1, its demo mission, on hold and give priority to take its clients’ payloads earlier. About 5 payloads, namely, Orbital Sidekick’s methane sensor; Eutelsat’s Internet of Things telecom payload; the UAE Government’s imager; Fugro’s satellite positioning payload; and SpaceChain’s blockchain payload, are supposed to be carried by mission YAM-2.

On a similar note, Eutelsat is planning to move forward for offering a replacement for its 10A satellite. While a Ku-band payload is supposed to be the latest fleet addition, the Spacebus NEO platform is supposed to be the base of this payload. Reportedly, 10A is slated to stop working in 2023. So, the firm is planning to liftoff 10B right 1 year before its retirement. Moreover, the latest payload is supposed to offer extra capacity in the North Atlantic and EMEA region. While the firm stated that registration is confirmed from a few providers, the foremost official announcement for the same is done by Gogo.

Stephanie White
SR. CONTENT WRITER & TEAM LEAD At The Industry Magazine

Stephanie White accomplished M.Sc. in Space Studies and is actively working in the Science domain from the last 5 years. She holds a strong efficiency in crafting the Science domain news reports and never misses any important aspect of a news report while checking the quality of the content to be published on The Industry Magazine portal. Under the tag of the Science Section Head, Stephanie smartly looks after all the departmental activities. The team members love to attend the training offered by Stephanie on various aspects such as how to select trending topics and write a news report that can be easily understood by the target audience.

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