Magdrive funding news – Oxfordshire-based Magdrive Secures €9.9 Million in Seed Funding

The round was led by the pan-European VC Redalpine, with additional contributions from Founders Fund, Balerion, Alumni Ventures, Outsized Ventures, 7percent, and Entrepreneur First.

CEO and Co-founder Mark Stokes said: “Magdrive represents the next generation of spacecraft propulsion, turning humanity’s grand ambitions in space into a reality with mega constellations, asteroid mining, and in-space servicing, assembly, and manufacturing; all the building blocks to make us a space faring civilization.”

It says their electric spacecraft propulsion system stands out because it offers unmatched thrust and efficiency, allowing spacecraft to travel farther and move with more precision.

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It is getting ready for the first in-space tests of its Magdrive Rogue thruster, scheduled to launch in June this year with D-Orbit. This will provide the fast-growing satellite market with a powerful and efficient solution that is also lightweight and compact.

Redalpine General Partner Harald Nieder said: “Magdrive’s technology has tremendous potential to change the game in spacecraft propulsion to solve big pain points in the status quo, including manoeuvrability and longevity. Propulsion is literally driving the emerging space economy. We are delighted to back Tom, Mark, and the team as they push forward this leap in spacecraft propulsion.”

The funding will help it keep working on its advanced high-thrust electric propulsion systems for satellites of all sizes, build a manufacturing plant in the UK, and set up an office in the US.

Balerion Partner Dan Wallman added: “We’re thrilled to support Magdrive in developing next-generation space propulsion systems. This groundbreaking technology has the potential to play a pivotal role in commercialising space during the post-Starship era.”

Magdrive’s long-term goal is to expand its propulsion system to support bigger space projects, like in-space servicing, assembly, manufacturing, space-based solar power, managing large satellite constellations, and interplanetary travel.

It uses solid metal as fuel, which can be sourced and refueled from recycled space debris or asteroid mining. This makes space travel more sustainable and allows for further exploration.

About Magdrive

Magdrive was founded in 2019 by CEO Mark Stokes, an expert in robotics and aerospace systems, and CTO Dr. Thomas Clayson, a plasma physicist. They are developing advanced propulsion systems for satellites and space exploration.