Investment Round Led by Eclipse, Explorer 1, and RTX Ventures
DENVER, Nov. 30, 2023 — Ursa Major, America’s leading privately funded company focused solely on rocket propulsion, today announced that it closed $138 million in its Series D and D-1 funding rounds. The investments were led by Explorer 1 Fund and Eclipse, and include RTX Ventures, funds and accounts managed by BlackRock, Exor Ventures, Mack & Co., LLC, XN, and other institutional shareholders.
With this investment, Ursa Major will continue to develop Lynx, the company’s innovative new solid rocket motor (SRM) program, while scaling production capacity and advancing multiple propulsion programs. While the initial Series D round was completed earlier in the year, Ursa Major extended fundraising to include a Series D-1 round due to strong interest in accelerating development on several future programs.
“In the year since our last funding round, Ursa Major has secured significant commercial and government customers, delivered dozens of flight-ready engines, introduced new engine concepts, and worked to address critical gaps in our nation’s defense. This includes developing Lynx, a line of solid rocket motors that can deliver urgently needed capabilities,” said Ursa Major CEO and founder Joe Laurienti. “This investment will support scaling our production capacity to meet strong market demand, as well as continued technology innovation for our medium- and heavy-weight propulsion systems.”
Since its last round of funding, Ursa Major has responded to deficiencies in the nation’s defense capabilities by introducing Draper, a revolutionary new storable liquid engine designed to defend against hypersonic weapons, and Lynx, a new solution for designing and manufacturing solid rocket motors for tactical applications.
Ursa Major has also redesigned and hot-fired the 50,000-pound-thrust Ripley engine, scaled production of the 5,000-pound-thrust Hadley engine to a rate of one per week, and qualified Hadley as the world’s first and only rocket engine for space launch, in-space, and hypersonic missions.
“Ursa Major propulsion systems fill a critical gap in the defense industrial base today,” said Greg Reichow, Partner at Eclipse and former Vice President of Production at Tesla. “For the U.S. and its allies, the ability to deter threats will depend on our ability to produce innovative solutions utilizing modern manufacturing methods that are not dependent on fragmented supply chains. Ursa Major’s team possesses the technical prowess to deliver the high production rates, low cost, and advanced technology needed to help maintain national security.”
Ursa Major’s propulsion-only approach disrupts the existing vertically integrated launch industry by providing vehicle-agnostic engines for a variety of launch and hypersonic applications. This approach stands as a safeguard against the kind of consolidation and stagnation in launch technology that kept America dependent on Russian-made rocket engines in the past.
Reliable rocket propulsion is critical to maintaining the space supply chain and growing the space industry. Ursa Major’s flexible rocket engines can be used for various Department of Defense (DOD) and non-DOD missions, from air launch to hypersonic flight and on-orbit missions. The company’s customers get to launch faster and without the development cost of building engines in-house.
Additionally, Ursa Major has applied their lessons learned in liquid rocket engines for space launch to re-imagine solid rocket motor design and manufacturing. With their process, Ursa Major offers a revolutionary solution to America’s SRM shortage with a faster, more affordable process, leveraging 3D printing to manufacture multiple motors that outperform legacy systems.
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About Ursa Major
Ursa Major is the leading independent rocket propulsion provider and a critical player in building the defense industrial base in the United States. As the first American company to fire an oxygen-rich staged combustion engine—a milestone previously only achieved by Russian engine-makers—Ursa Major provides reusable, high-performing propulsion systems to commercial space enterprises, defense contractors, and the Department of Defense for launch, hypersonics, and national security missions. The company employs the country’s leading propulsion experts at its one-of-a-kind headquarters in Berthoud, Colorado, which houses engineering, manufacturing, and testing all in one campus. Manufactured using 3D printing for scalable production, Ursa Major propulsion systems save customers an average of five years and $50 million compared to building propulsion in-house.
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SOURCE Ursa Major Technologies
