Vector Space Systems Gain $21 Million Funding to Build Cheaper Rockets

Published Date : Jun 30, 2017

While Elon Musk was starting his new venture SpaceX, he had asked experts of aviation field during his series of salons in Silicon Valley and around Los Angeles to suggest ideas regarding the new generation rocket. Most of those who made credible suggestions, related to the development of smaller, cheaper, and yet efficient rockets, which can take something into the orbit at a much lower price than the present cost of about $100 million.

In the past few years, Space Technologies Corp. has indeed managed to reduce the launch prices drastically, although the size of the spaceships have not reduced as much as desired by some of the advisers.

Equal Focus on Increasing Launch Efficiency

Among those who made the suggestions and helped Space X get off the ground, have collaborated to ignite a start-up of themselves, called Vector Space Systems, which now has gained $21 million funding from some of the most prominent venture capitalists in the Silicon Valley, including Sequoia Capital, Lightspeed Venture Partners, and Shasta Ventures.

This funding is expected to go a long way in Vector Space Systems’ ambitious goals to make $1.5 million rockets that can carry small satellites into the orbit, and aspire to increase the efficiency to over 100 launches per year. Currently, the entire aerospace industry manage to launch so many spacecraft collectively.

As per the co-founder and CEO of Vector Space Systems, the company has poured equal efforts onto fixing the launch problem as they did on building advanced rockets, something Elon Musk’s company ignored. As Jim Cantrell puts it, his company is trying to make the simplest of rockets, building them like sausages, and launching by the hundreds.