The Exploration Company Raises $450M Series C to Further Scale Transport in Space

Congratulations to The Exploration Company team on their new $450M Series C. The Company will use these proceeds bring its Nyx reusable spacecraft to the International Space Station, and well as continue to scale its high-thrust Storm rocket engine platform.

Promus Ventures has been an investor since we led their seed round in 2021 and has invested in every round since, including this Series C. The Company has been quite busy since their last Series B round in November 2024:

• In May, The Exploration Company completed a key drop test in the Mojave Desert in California of the recovery system of their Nyx spacecraft. This test focused on one of the most critical phases of spacecraft recovery - the transition from drogue parachutes to the main parachutes that bring the vehicle safely to the ground.
• Acquired European Astrotech Limited (EAL), a UK‑based specialist in spacecraft propulsion services, propellant chemistry, and launch site fueling operations in June
• Strengthening the Company's US footprint by opening up a Houston Rapid Innovation Lab located near NASA Johnson Space Center. The lab brings together engineers, designers, and operators in a space built for efficient, rapid innovation
• Launched TEC Federal, a dedicated US. entity designed to better serve US government customers and partners
• Continued to scale its Storm high-thrust rocket engines and partnered with LEAP71 to further advance its rocket design with computational engineering capabilities

We have been investing in space at Promus Ventures for over a decade now, and we have been at the front lines of some incredible technological advances within space over this period. In addition to The Exploration Company, we have been fortunate to invest in such US and EU space leaders as Rocket Lab, ICEYE, Spire, Lunar Outpost, All.Space and others. While launch is still currently dominated by only a handful of companies globally, the transport of cargo within space and back to earth is still being built out. For the future lunar ecosystem to advance and scale, the plumbing and logistics of this transportation ecosystem is still in its infancy, and The Exploration Company is a vital piece to connect the major hubs within space and back to earth.

This new Series C round was co-led by Bessemer Venture Partners, Atomico, and the Scaleup Europe Fund.

It has been a terrific journey to date with the entire team, and fun to partner with a such a talented and focused group spanning Europe and the US. We are excited for what lies ahead for The Exploration Company as the team continues to work hard on the great opportunity ahead of them.

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More on Promus Ventures:

Promus Ventures invests in early-stage deep tech startups solving complex problems to advance everyday lives across the world. Some of Promus Ventures’ other leading portfolio investments include Rocket Lab (Nasdaq: RKLB), Whoop, Halter, ICEYE, AngelList, Mapbox, Mytra, Robco, Spire (NYSE: SPIR), The Exploration Company, Bellabeat, Kensho, Gauss Surgical, All.Space, and numerous others.

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