Magdrive, the startup creating the next-generation of spacecraft propulsion, today announced its £8 million seed funding round led by pan-European VC Redalpine.
What sets Magdrive’s electric spacecraft propulsion system apart is its unrivalled thrust and efficiency, which will allow spacecraft to travel farther and manoeuvre with greater precision than ever before. Magdrive’s system also uses a sustainable metal propellant.
Based in Oxfordshire, UK, Magdrive was founded in 2019 by CEO Mark Stokes, a mechanical and deep learning engineer with expertise in hands-on prototyping of robotics and aerospace systems, and CTO Dr Thomas Clayson, a plasma physicist and pulsed power electronics engineer.
Magdrive is preparing for the first in-space tests of its Magdrive Rogue thruster, set to launch in June this year in collaboration with D-Orbit, providing the rapidly growing satellite constellations market with a high-thrust and high-efficiency solution at low mass and volume.
Founders Fund, who led Magdrive’s first funding round, and Balerion, Alumni Ventures, Outsized Ventures, 7percent, and Entrepreneur First also contributed to the round. The funding will enable Magdrive to continue research and development for its innovative high-thrust electric propulsion systems for all sizes of satellites, build a manufacturing facility in the UK, and establish a US office.
Magdrive’s long-term goal is to scale up its propulsion system to support grander ambitions in space, including emerging industries such as in-space servicing, assembly, and manufacturing, space-based solar power, large scale constellation management, and interplanetary travel. Unlike other thrusters, Magdrive uses solid metal as propellant – this can be sourced and refuelled from recycled ‘space junk’ or other in-space sources, such as asteroid mining, which is far more sustainable and will also allow for much more expansive space travel.
Magdrive raised a pre-seed round of £1.5 million in 2020 and has also received over £8 million of government funding to date, including support from the UK government, UK Space Agency, and European Space Agency.
