TUCSON, AZ — Phantom Space Corp., a space transportation startup based in Tucson, announced that it has raised $5 million in seed funding in hopes of "revolutionizing space transportation" by making it accessible to more people.
The company is in its early stages, but it has four launch vehicle development units in place with plans to do its first orbital launch in the first quarter of 2023. The funding will be used to expand the Phantom team, which currently has 26 members, and the round was led by New York-based Chenel Capital.
Phantom Space also recently acquired StratSpace, a fellow Tucson company focused on building space systems. The company stated it has many government partnerships on its radar and that it is building imagery satellites for a commercial customer that will go on to support the U.S. Department of Defense.
"We are proud of our contrarian approach to building rockets and other space transportation technology," Phantom Space CEO and co-founder Jim Cantrell said in a statement. "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."
Read the full story at Phoenix Business Journal.