Phantom Space Corporation Raises $5M In Seed Funding to Revolutionize Space Transportation

April 14, 2021

Phantom Space Corporation announced it has raised $5 million in seed investment funding to make space commerce commonplace and to lower the barriers to space access. The round was led by New York City based Chenel Capital, who specializes in growth equity investments.

Phantom is a startup working to democratize space by mass manufacturing small launch vehicles (rockets), satellites, and space propulsion systems. The company is developing core launch system technologies needed to transform the space transportation industry. Phantom is filling the unmet need to effectively access space and utilize on-orbit capabilities through modern mass manufacturing production, aiming to become the "Henry Ford of Space". Other competitors in this space are capped at conducting several dozen launches per year where Phantom Space's unique manufacturing methodology and globally distributed launch sites allows for hundreds of launches.

This latest round of funding will go towards expanding Phantom's team of engineers, scientists, technicians and managers passionate about designing space transportation systems based on today's requirements and today's supply chain realities. Phantom's current team consists of 26 space industry and technical experts with deep market knowledge and know-how not often found at a company at this stage of maturity. The company is ramping up quickly and is currently building its first launch vehicle development unit in preparation for stage level testing late this year.  The first launch will be with Phantom's Daytona rocket, which employs the first US produced oxidizer-rich stage combustion LOX/RP engines built by Ursa Major Technologies in Denver, Colorado. Phantom is currently building four launch vehicle development units, putting their current trajectory for their first orbital launch at Q1 2023.

"We are proud of our contrarian approach to building rockets and other space transportation technology," says Jim Cantrell, CEO & Co-Founder of Phantom Space Corporation. "We want to be the Henry Ford of the space industry with mass production while others in this space are focused on vertically integrating their technology and supply chain. At Phantom, to achieve rapid time to market and enabling mass manufacturing, we are leveraging mature supply chains in addition to our own innovations. This allows us to get to orbit faster than ever thought possible." 

Additionally, Phantom recently acquired StratSpace, an Arizona-based company that develops space systems and flight hardware, leads space market forecasting, and represents space industry clients across the world. StratSpace has hosted 46 successful space missions and satellite programs since their inception and Phantom will be integrating these core technologies as part of its mission to transform the space transportation industry.

Phantom is currently focused on securing more launch sites over the next year. Furthermore, Phantom has confirmed that they are building an imaging satellite for a commercial customer who will be deploying this imagery in support of United States Department of Defense core missions. This is one of many government partnerships on Phantom's radar for the near future in addition to a multitude of commercial projects.

"Phantom Space is among the best-positioned space startups to democratize access to space," says Richard Chenel, Founder and Managing Partner at Chenel Capital. "Phantom has seen strong demand from both government and commercial partners and we're thrilled with the opportunity to provide the lead in capital for this round that will support their growing pipeline of customers and launch sites" said Chenel.