Space flight company Isar Aerospace receives multi-million Euro investment
Munich – 27th September 2018. The Munich-based startup Isar Aerospace Technologies has closed a multi-million Euro seed funding. Unternehmertum Venture Capital Partners as well as Vito Ventures and the former senior SpaceX executives David Giger and Bulent Altan, who started Global Space Ventures, are involved in this financing round.
The start-up is planning to use the investment to accelerate the ongoing development and deployment of small launch vehicles and spacecraft. This is driven by the privatization of the space industry which is already in full swing. More and more satellites are being deployed in space for commercial purposes, resulting in a high demand for smaller launchers, capable of transporting small payloads cost-effectively and with considerably more flexibility than before.
The space sector is booming. According to Bank of America Merrill Lynch, worldwide the sector is valued at US$339 billion which is expected to grow eight-fold by 2045. Daniel Metzler, Founder, and CEO of Isar Aerospace Technologies: “Our aim is to revolutionize access to space and to make it affordable for everybody. 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 motors in the same thrust class.”
The team around Daniel Metzler is currently working on high-performance technologies that are powered by a combination of hydrocarbon mixtures and liquid oxygen and will make conventional, toxic rocket fuels obsolete. The first launch is planned for 2021.
“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,” said Tommy Oehl, Managing Partner of Vito Ventures GmbH.
“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,” said Bulent Altan, explaining his decision to invest in Isar Aerospace.
About Isar Aerospace:
The fast-growing company develops advanced launch vehicles to ensure low-cost and flexible space access for small satellites in the future. Environmentally friendly propellants, as well as modern production techniques, are used to achieve this goal. The team builds upon extensive experience in rocket engine and sounding rocket design and testing from Technical University Munich.
About Vito Ventures:
Vito Ventures was initiated by Viessmann and is a leading European deep-tech investor. The early-phase investor is rooted in the German SME landscape and possesses a unique network in European industry. The team, led by Managing Partners Thomas Oehl and Benedikt von Schoeler, has a comprehensive understanding of deep-reaching technological change and the associated dynamics and challenges both for established businesses and startups. Vito Ventures gives investors access to startups whose ideas are the driving force behind the technological revolution in infrastructure and the economy.
About Unternehmertum Venture Capital Partners:
Unternehmertum Venture Capital Partners (UVC Partners) is a Munich-based early-stage venture capital firm that invests in technology-based startups in the areas of industrial technologies, enterprise software and mobility. The fund typically invests between € 0.5 – 3m initially and up to € 12m in total per company.
Portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading innovation and business creation center. With over 180 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of experience in establishing young companies. This cooperation enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners. The portfolio includes investments such as FlixBus, Carjump (Freer2Move), KONUX, Blickfeld, 3YOURMIND and Vimcar.