K2 Space announces $110M Series B and first successful in-space demonstration

Whats Happening:

K2 Space has secured a $110 million Series B funding round to scale production of its multi-orbit, high power satellite platform. The company also announced the successful completion of its first in-space demonstration, validating critical components developed in-house. K2 Space aims to provide highly capable satellites at a lower cost, enabling proliferation across orbits for various space applications.

Key Moves:

• K2 Space raises $110 million in Series B funding

• Company completes first successful in-space demonstration

• K2 Space opens new 180,000 square foot factory in Torrance, California

By The Numbers:

• K2 Space has raised $180M in total equity funding

• Company has won over $50M in government and commercial contracts

• K2 Space scaled from 25 to 90 full-time employees in 2024

Key Quotes:

• "Advanced space capabilities can't be built on small, low-powered platforms," said Karan Kunjur, CEO at K2 Space

• "We are at the dawn of a Space Supercycle," said Erik Kriessmann, Partner at Altimeter Capital

• "As the demands of space operations evolve, so too must the capabilities of satellite builders." Added Connor Love, Partner at Lightspeed Venture Partners

Bottom Line:

K2 Space's successful Series B funding and in-space demonstration position the company to address a critical gap in the satellite market. By offering high-capability satellites at a lower cost, K2 Space aims to enable broader access to advanced space applications across multiple orbits, potentially transforming the economics of satellite connectivity and functionality.

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