Exclusive: Space Forge raises $30M for chips in space
Space Forge raised $30 million in Series A funding to develop ultra-efficient semiconductors and other advanced materials in orbit, the startup's CEO tells Axios.
Why it matters: The U.K. startup contends it can make energy-saving materials that are impossible to develop within Earth's atmosphere.
Driving the news: The NATO Innovation Fund led the round, with partner Chris O'Connor joining Space Forge's board.
World Fund, the National Security Strategic Investment Fund and British Business Bank also participated in the raise, which closed in December.
How it works: Space Forge aims to develop seed crystals in space, enabling production of larger high-purity wafers of the material back on earth.
The company is first focusing on semiconductors, and keeping an eye toward low-carbon energy, quantum computing, and defense.
It plans to generate revenue from the seed crystals, and by selling slots in its launch vessels to other companies and organizations.
What they're saying:"Our space-manufactured semiconductors and supermaterials are designed to dramatically outperform what's possible with traditional Earth-based production," CEO Joshua Western tells Axios.
Between the lines: The company contends that such materials can deliver achieve emissions reductions even when accounting for the air pollution generated by rocket launches.
Flashback: Space Forge in 2021 raised a $10.2 million seed round led by World Fund, Type One Ventures and Space Fund.
What's next: Space Forge expects to launch its first vessel, ForgeStar-1, with an undisclosed U.S. launch provider this year.
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