Space startup Astranis has raised a $250 million Series C roundup to provide it with a capital injection. It was implemented to scale up the production of its unique MicroGEO satellites, geostationary satellites. These communication satellites are smaller than the typical massive, expensive spacecraft used in that orbital band to provide communications and connectivity to specific points on Earth.
The Astranis Series C was led by BlackRock-managed funds, while a host of new investors also participated. The total fundings raised by the Space Startup amounts to around $350 million. The fundings include both debt and equity capital. The geostationary communication satellites which have been instrumental in gathering information about space and other systems are getting more coverage lately.
Gedmark told previously that the company’s new framework is different from the LEO constellations, which have been used and operated by a multitude of renowned companies including SpaceX. Customers who have a specific generic need for connectivity can look up to to put one up at a greatly reduced cost than most of the traditional GEO constellation satellites. It’s worth noting that BlackRock, which led this round, has also been a key participant in the PIPE components of high-profile space startup SPACs like launcher company Astranis.