Terran Orbital Corporation has successfully completed their Series “B” round, which raised $36 million from investors that included existing investor Lockheed Martin, Beach Point Capital managed funds and Goldman Sachs — additional terms of the transaction were not disclosed.
Proceeds from the financing will be used to purchase additional manufacturing equipment for Terran Orbital’s new, 40,000 square foot design and production facility and to expand the company's workforce. As the largest manufacturer of smallsats in the world, the new facility will be capable of supporting the design and production of the largest constellations.
Marc Bell, Co-Founder and Chairman of Terran Orbital Corporation, said that the nano- and microsatellite industry continues to gain traction with key market participants who are eager to gain access to the benefits the firm's satellites afford, including the most current technology, economic form-factor and the speed at which Terran Orbital can move from design to launch. The company's investors believe in the firm's vision that space needs to be more responsive, economical and technologically viable.
Chris Moran, Executive Director and GM of Lockheed Martin Ventures, added that Terran Orbital is a leading innovator in micro and nanosatellite technology. Together, the companies work to provide responsive and innovative solutions for customers. Lockheed Martin chose to expand upon the company's existing relationship with Terran Orbital, as an investor and a customer, to support the LM 50 Series Satellite Bus System.
Tony Previte, Co-Founder and CEO of Terran Orbital Corporation, commented that with the added capacity of the firm's new facility, Terran Orbital is well-positioned to meet the tremendous demand from government, military and commercial customers to gain access to the company's nano- and microsatellite technology. Terran Orbital's ability to cost-effectively design, build and launch smallsats within 6 to 12 months puts the firm in an enviable, competitively-advantaged position.