Auckland-based space-tech company Zenno Astronautics (Zenno) has announced a $10.5 million seed round.
The following includes excerpts from Zenno Press Release:
Based on the patented use of super magnets, the company’s satellite control and propulsion system is set to revolutionise the way spacecrafts navigate space and the impact they have on our planet. The tech enables completely fuel-free satellite positioning; as well as fully autonomous, precision interaction between satellites (critical for debris removal, servicing and construction in orbit), leading to world-first electromagnetic shielding of spacecrafts and the humans inside them from radiation damage.
Raised off the back of a multi-year sales commitment of several million dollars, including a committed constellation (a system of satellites that work together to achieve a purpose), by well established industry veterans, New Zealand’s GD1 (Global From Day One) and Nuance Connected Capital led the round, with additional investment from US based Shasta Ventures. NZGCP, K1W1, European billionaire Wolfgang Leitner, Alt Ventures, Enterprise Angels, and NZVC also participated.
Getting objects to move around in space is hugely challenging. There’s nothing to push on and
never enough power or fuel to make things move as much as you need them to,” explains Max Arshavsky, Zenno Founder, CEO and CTO.
“What Zenno has built will enable easy, seamless movement in space without the need for power or fuel and while taking up twenty times less space than traditional propulsion systems. The technology that has the potential to support the future of the space industry for 100 years to come in a transformative, planet friendly manner,” believes Max.
The seed round will enable Zenno to launch the technology in-orbit on a technology demonstration mission in Q4 of 2023.
9 August 2022