Tracxn Research — New Space Landscape, December 2016

NewSpace Report – December 2016 Copyright © 2016, Tracxn Technologies Private Limited. All rights reserved.
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NewSpace Report – December 2016 Copyright © 2016, Tracxn Technologies Private Limited. All rights reserved.3
Contents
Topic Page No.
Scope of Report 04
Entrepreneur Activity 06
Investment Trend 11
Who is Investing 21
Exit Outlook - IPO, Acquisitions 25
Sub Sector Analysis 27
Interesting Companies 42
Useful Links 49
Company List 52
Team 84

Sector Overview
Scope of report
This report contains private companies which are developing low-cost access to space or spaceflight technologies and advocates
low-cost spaceflight technology and policy, principally with private funding, with only secondary or no involvement with
government spaceflight programs and contractors.
It covers companies that are developing new launch systems, satellites, spacecraft, new propulsion systems, new antenna
systems etc. This also includes companies providing space services such as tourism, space burial services. The report excludes
government space agencies, companies highly reliant on govt. agencies, defence grants and projects.
The scope of this report includes equity as well as debt funding received by the companies.
Disclaimer: The information and data in the report is based on global developments tracked in the sector till October 27, 2016. This is to
categorically state that any events and relevant developments after the said date will not reflect in the report.

Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
5

17
13
15
14
24
16
5
0
6
12
18
24
30
2010 2011 2012 2013 2014 2015 2016
NumberofCompanies
6
YoY – Number of companies founded
Planet Labs Dauria Aerospace OneWeb Astroscale Firefly Space Orbital ATK Relativity Space
Moon Express D-Orbit Kymeta Corp World View Accion Systems Kepler Communications Vector Space Systems

Large Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
20 Sep-2010 10 Launch Vehicles > Small Payload $36M zero2infinity.space
Zero 2 Infinity
2009, Valles
16 Jun-2010 16 Space Services > Satellite Imaging $393M urthecast.com
UrtheCast
2010, Vancouver
4 Sep-2009 4
Support Engineering > Satellite
Antenna Systems
$148M kymetacorp.com
Kymeta Corp
2012, Seattle
7 Jul-2009 4 Space Hardware > Rovers $34M spaceil.com
SpaceIL
2010, Tel Aviv
8 Jul-2008 4
Support Engineering > H/W for
SmallSats
$2M tethers.com
Tethers
1994, Bothell
33 Aug-2007 13 Launch Vehicles $1.7B
SpaceX
2002, Hawthorne
56 Apr-2007 36 Space Services $2.5B spaceservicesinc.com
Space Services
1982, Houston

Large Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
7 Aug-2004 2 Launch Vehicles > Experimental $500M masten.aero
Masten
2004, Mojave
10 Feb-2004 6 Space Services > Tourism $513M worldview.space
World View
2013, Las Vegas
14 Jan-2004 6 Space Hardware > Satellites $2.5B siliconvalleylaunch.com
Silicon Valley Launch
2014, Redwood City
65 May-2003 31 Support Engineering $315M yorkspacesystems.com
York Space Systems
2014, Denver
34 Sep-2002 13 Space Hardware $2.8B ohb.de
OHB
1981, Bremen
11 May-2001 5
Support Engineering > Propulsion
Systems
$10M elwingcorp.com
Elwing Company
2002, Princeton
5 Jan-1998 1 Launch Vehicles > Large Payload $1.2B ulalaunch.com
United Launch Alliance
2006, Centennial

Niche Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
1 Jan-2013 1
Support Engineering > In-orbit
satellite servicing
effective-space.com
Effective Space Solutions
2013, Givatayim
7 Jul-2001 2
Support Engineering > Support
Equipment
$7M psatellite.com
Princeton Satellite Systems
1992, Plainsboro
3 Apr-1999 1
Support Engineering > H/W for
Launch vehicles
$111M reactionengines.co.uk
Reaction Engines
1989, Abingdon
1 Jan-1999 1 Space Hardware > Space Stations $250M bigelowaerospace.com
Bigelow Aerospace
1999, North Las Vegas

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
10

YoY – Number of Rounds and Total Funding
$81M $110M
$375M
$103M
$615M
$740M
$137M
$4.45B
$990M
6 5
7
11
14
22
21
46
31
0
9
18
27
36
45
54
0
600
1200
1800
2400
3000
3600
4200
4800
2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inMillions)
Funding Amount Number of Rounds
Note: The funding excludes debt and post IPO rounds.

YoY – Number of Rounds by Stage
5
2
7
9
14
112
4
9 4
13
11
3
4
2
2
6
2
0
9
18
27
36
2011 2012 2013 2014 2015 2016
NumberofRounds
Seed Early Late

YoY – Funding by Stage
$0M $6M $6M $13M $22M
$27M
$108M $53M
$605M
$163M
$100M
$90M
$80M $70M
$1620M
$710M
0
280
560
840
1120
1400
1680
1960
2240
2520
2011 2012 2013 2014 2015 2016
TotalFundingAmount(inMillions)
Seed Early Late

Average Ticket Size – Early Stage
$0.1M $0.2M $0.8M $0.7M $0.9M
$2.3M
$6.6M
$4.6M
$16.1M
$54.4M
$11.4M
$21.3M
$10.3M
$20.0M
$22.7M
0.0
16.0
32.0
48.0
64.0
2011 2012 2013 2014 2015 2016
FundingAmount(inMillions)
Seed Series A Series B

Top investments in last one year
Company
Funding
Amount
Round
Name
Date Investors
o3bnetworks.com
O3b Networks
(The Hague, 2007)
$460M PE Dec-2015
reactionengines.co.uk
Reaction Engines
(Abingdon, 1989)
$79M
Grant
(prize money)
Jul-2016
kymetacorp.com
Kymeta Corp
(Seattle, 2012)
$62M Series D Jan-2016 Lux Capital, The Kresge Foundation, Osage Partners
astroscale.com
Astroscale
(Singapore, 2013)
$35M Series B Mar-2016 Innovation Network Corporation of Japan, JAFCO
reactionengines.co.uk
Reaction Engines
(Abingdon, 1989)
$32M PE Nov-2015 BAE Systems
planetaryresources.com
Planetary Resources
(Seattle, 2010)
$21M Series A May-2016
OS Fund, Space Angels Network, Seraph Group, Conversion Capital, Vast Ventures,
Tencent, IW North America Advisory
fireflyspace.com
Firefly Space
(Cedar Park, 2014)
$19M Series A May-2016
spaceflight.com
Spaceflight
(Seattle, 1999)
$18M Series B Jun-2016 Mithril, RRE Ventures, Vulcan, Razor's Edge Ventures

Company
Funding
Amount
Round
Name
Date Investors
worldview.space
World View
(Las Vegas, 2013)
$15M Series B Apr-2016
Canaan Partners, Norwest Venture Partners, Moment Ventures, Base Ventures,
Tencent
omnispacellc.com
OmniSpace
(Dulles, 2012)
$8M Series A Feb-2016 Columbia Capital
relativityspace.com
Relativity Space
(Seattle, 2016)
$8M Seed Jul-2016
omnispacellc.com
OmniSpace
(Dulles, 2012)
$8M Series A Jun-2016 Columbia Capital
accion-systems.com
Accion Systems
(Somerville, 2014)
$8M Series A May-2016 Shasta Ventures, RRE Ventures, Founder Collective, Slow Ventures
descarteslabs.com
Descartes Labs
(Los Alamos, 2008)
$5M Series A Nov-2015 Cultivian Sandbox, Crosslink Capital, Data Collective, TenOneTen, Valuestream Labs
keplercommunications.co
m
Kepler
Communications
(Toronto, 2015)
$5M Seed Aug-2016 Liquid 2 Ventures, IA Venttures, Globalive Capital
skyfi.tech
SkyFi
(Tel Aviv, 2015)
$3M Seed Feb-2016 Jerusalem Venture Partners

Company
Funding
Amount
Round
Name
Date Investors
iceye.fi
ICEYE
(Espoo, 2012)
$3M Series A Nov-2015 True Ventures, Lifeline Ventures, Founder
astrobotic.com
Astrobotic
(Pittsburgh, 2008)
$3M Seed May-2016 Space Angels Network
pldspace.com
PLD Space
(Elche, 2011)
$2M
Grant
(prize money)
Apr-2016
onespacechina.com
OneSpaceChina
(Beijing, 2015)
$2M Seed Dec-2015 Legend Star, Chunxiao Capital
moonexpress.com
Moon Express
(Mountain View, 2010)
$1M
Grant
(prize money)
Dec-2015 XPRIZE
relativityspace.com
Relativity Space
(Seattle, 2016)
$1M Seed May-2016 Canyon Creek Capital
leafspace.eu
Leaf Space
(Milan, 2014)
$1M Seed Jul-2016 RedSeed Ventures, Como Venture, Key Capital, PoliHub
deepspaceindustries.com
Deep Space Industries
(Houston, 2012)
$1M Seed Nov-2015 METATRON

Company
Funding
Amount
Round
Name
Date Investors
vectorspacesystems.com
Vector Space Systems
(Tucson, 2016)
$1M Seed Apr-2016
moonexpress.com
Moon Express
(Mountain View, 2010)
$259K
Grant (prize
money)
Apr-2016 SpaceFlorida
analyticalspace.com
Analytical Space
(Cambridge, 2016)
$100K
Convertible
Debt
Aug-2016
exactearth.com
exactEarth
(Cambridge, 2009)
$36K Angel Feb-2016
deepspaceindustries.com
Deep Space Industries
(Houston, 2012)
$25K Seed Aug-2016
herasys.com
Hera Systems, Inc.
(San Jose, 2013)
Series A Nov-2015 Firsthand Technology Value Fund

Funnel view of Sector
Percent of
Previous
48%
42%
35%
15
6
14
40
95
197
0 50 100 150 200 250
M&A & IPO
Late
Series B
Series A
Funded
Founded
Number of Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
20

Most Active Investors in Sector
8
6
3 3 3 3 3
2 2 2
0
2
4
5
7
9
Space Angels
Network
Delta-V Bessemer
Venture Partners
Draper Fisher
Jurvetson
Founders
Fund
Rothenberg
Ventures
RRE Ventures Caixa
Capital Risc
Canaan Partners Capricorn
TotalNumberofRounds
World View Weebill space Skybox Imaging
Space
Exploration
Space
Exploration
World View Spire Zero 2 Infinity World View
Space
Exploration
XCOR Obelisk Systems Spire Planet Labs Planet Labs
Space
Exploration
Spaceflight PLD Space Skybox Imaging Planet Labs

Where are Top Investors investing

Top Investor by Stage of Entry

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
24

Major Acquisitions in last one year
Date Company Acquirer Deal Size Overview
Total
Funding
Jul-2016 garvspace.com
Garvey Spacecraft
(Long Beach, 2000)
Vector
spacesystems
Undisclosed
Launch vehicle systems and Advanced space technologies
Jul-2016 amos-spacecom.com
Amos
(Ramat Gan, 1995)
Xinwei $285M
Operating AMOS Satellite fleet to offer space services
Aug-2016 o3bnetworks.com
O3b Networks
(The Hague, 2007)
SES Undisclosed
Satellite-based telecommunication services provider
Google, HSBCnet, North Bridge Venture Partners, BIP Investment
Partners, Liberty Global, Satya Capital
$701.7M

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
26

December 2016Tracxn BlueBox : NewSpace
~200 companies in the sector, 65 funded in last 5 years, $4.7B invested in 2015/16

Top Business Models by Funding
$2.5B
$1.7B
$733M
$235M
0
600
1200
1800
2400
3000
Space Services Launch Vehicles Space Hardware Support Engineering
TotalFundingAmount(inMillions)
Avg. Age Apr-07 Aug-07 Sep-02 May-03
# Cos. 56 33 34 65
O3b Networks Space Exploration Orbital ATK Kymeta Corp
OneWeb Blue Origin Bigelow Aerospace Reaction Engines

Space Services – Business Model Description

Space Services – Entrepreneur Activity and
Investment Trend

Space Services – Most Funded Companies

Launch Vehicles – Business Model Description

Launch Vehicles – Entrepreneur Activity and
Investment Trend

Launch Vehicles – Most Funded Companies

Space Hardware – Business Model Description

Space Hardware – Entrepreneur Activity and
Investment Trend

Space Hardware – Most Funded Companies

Support Engineering – Business Model Description

Support Engineering – Entrepreneur Activity and
Investment Trend

Support Engineering – Most Funded Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
41

Interesting Unfunded Companies
Company Overview
Business
Model
dhruvaspace.com
DHRUVA SPACE
(2012, Bangalore)
New space enterprise offering small satellite services
Support Engineering > H/W for SmallSats
madeinspace.us
Made in Space
(2010, Moffett Field)
3D Printers for space
Support Engineering > Support Equipment
Curated list of companies by the sector analyst are defined as Interesting

Interesting Seed Companies

Interesting Series A Companies

Interesting Series B Companies

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
48

Useful Links
Slide Title Content Platform Link
List of All Companies in readable format Companies Link
Large Upcoming Sectors Entrepreneur Activity Link
Niche Upcoming Sectors Entrepreneur Activity Link
Top investments in last one year Investment Trend Link
Major Acquisitions in last 3 years Exit Outlook - Acquisitions Link
Space Services – Funded Companies Sub Sector Understand Link
Launch Vehicles– Funded companies Sub Sector Understand Link
Space Hardware– Most Funded Companies Sub Sector Understand Link
Support Engineering – Most Funded Companies Sub Sector Understand Link

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
51

NewSpace – Company List
Space Services Launch Vehicles Space Hardware Support Engineering Others
95 FUNDED COMPANIES AND 102 UNFUNDED COMPANIES
COVERS THE FOLLOWING SECTORS

Space Services (1/8)
Company Overview Business Model Total Funding
O3b Networks
(2007, The Hague)
Satellite-based telecommunication services provider
Google, HSBCnet, North Bridge Venture Partners, BIP Investment
Partners, Liberty Global, Satya Capital
Space Services $701.7M
OneWeb
(2012, California City)
Satellite connectivity across the globe
Qualcomm, Qualcomm Ventures, Coca-Cola, Grupo Salinas, Hughes
Network Systems, Intelsat, Totalplay, Virgin, Bharti Enterprises, Airbus
Group
Space Services $500M
ProtoStar
(2001, Hamilton)
Acquire and operate geostationary satellites for DTH services
NEA, VantagePoint Capital Partners, Red Shift Ventures Space Services $250M
Spaceflight
(1999, Seattle)
Products and services for launch missions
Vulcan, RRE Ventures, Chugach Alaska, Razor's Edge Ventures, Mithril Space Services $53.5M
Astroscale
(2013, Singapore)
Space debris clearing
JAFCO, Innovation Network Corporation of Japan, COENT Venture
Partners
Space Services $42.7M
OmniSpace
(2012, Dulles)
Satellite Operator and provide mobile satellite services
Columbia Capital Space Services $16.77M
GeoMetWatch
(2008, Las Vegas)
Develops environmental observation systems
Venture Capital Space Services $6M
Kepler Communications
(2015, Toronto)
Space based telecommunications company
IA Venttures, Techstars, Creative Destruction Lab, Globalive Capital,
Liquid 2 Ventures
Space Services $5M
Go to BM List >> Launch Vehicles

Cerona Networks
(2002, Frederick)
Satellite network solutions
Republic Financial Space Services $2.6M
Leaf Space
(2014, Milan)
Ground station network and Launch vehicle for small satellites
European Union, Key Capital, PoliHub, RedSeed Ventures, Como Venture Space Services $1.11M
Analytical Space
(2016, Cambridge)
small satellite communications
Space Services $100k
Lunar Station
(2016, Cambridge)
Commercialising Moon's resources
Space Services
sen
(2011, Guildford)
Building a satellite network for in-orbit activities and planetary
observation Space Services
Skycorp
(1998, Mountain View)
On-orbit servicing company
Space Services
Apstar
(1992, Hong Kong)
Satellite Operator and service provider
Space Services
Quberider
(2015, Sydney)
Technology ridesharing in CubeSats
muru-D, Delta-V Space Services

Fleet space
(2015, Sydney)
Connecting IOT with a huge fleet of tiny satellites.
Delta-V Space Services
Global Space Organization
(2012, Aurora)
Exploring space to conduct diverse business
Space Services
Dunvegan Space
(2012, Atlanta)
Building network of data processing satellites
Space Services
PlanetiQ
(2012, Bethesda)
Satellite based data provider for weather forecasting
Space Services
SpaceGrid
(2013, Mumbai)
Automated remote sensing based monitoring solutions using satellite &
land based tech Space Services
Earth2Orbit
(2007, Mumbai)
Satellite launching services
Space Services
Space Services
(1982, Houston)
Space Memorial, Star naming services and incubator for space business
Space Services
Microspace
(1988, Raleigh)
Satellite Broadcasting Company
Broadcast

Launch Vehicles (1/5)
Space Services << Go to BM List >> Space Hardware

Space Hardware (1/5)
Launch Vehicles << Go to BM List >>
Support
Engineering

Support
Engineering

Support Engineering (1/9)
Space Hardware << Go to BM List >> Others

Others (1/2)
Support
Engineering
<< Go to BM List

Others (2/2)
Support
Engineering
<< Go to BM List

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
82

Team
Vishnu Prasad Kundrapu
Senior Analyst – Technology
Manthan Marvaniya
Analyst – Technology

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Tracxn Research — New Space Landscape, December 2016

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Tracxn Research — New Space Landscape, December 2016