According to multiple sources, Ursa Major has secured $100 million in new funding. The Series D round was backed by BlackRock and Space Capital and is said to have been finalized in October of last year.
This funding round comes just under a year after the company’s successful $85 million Series C round, bringing the total amount raised to approximately $234 million. The funding was raised at a pre-money valuation of $400 million.
When asked for a statement regarding the rumors or speculation, a spokesperson for Ursa Major declined to comment.
The company, headed by CEO Joe Laurienti, is currently working on two rocket engines – the 5,000-pound Hadley engine, which uses liquid oxygen and kerosene, and the 50,000-pound thrust Ripley engine, which is ten times more powerful. Ursa Major distinguishes itself from the traditional vertical integration model commonly used in the aerospace industry by focusing solely on engine development. This approach allows the company to concentrate its efforts on one of the most complex components of a rocket.
In an interview with TechCrunch last year, Laurienti stated that Ursa Major identifies itself as a technology development firm. The company believes that rocket engine technology should evolve with the times and that it is no longer feasible for rocket companies to continue using engines that were designed a decade ago. This approach contrasts with the traditional vertical integration model.
Ursa Major’s clients include small launch companies such as Astra, Phantom Space, and Stratolaunch, and the company has secured a contract to provide engines to the United States Air Force.