Is an Arizona startup gunning for SpaceX? Phantom Space Corp., based in Tucson, has raised $5 million in seed funding. The new Grand Canyon State endeavor wants to revolutionize “space transportation” and make flying the friendly outer-atmospheric skies a possibility for a greater number of people.
Chanel Capital, a New York-based fund, led the financing round, and Phantom Space will use the capital for team expansion in preparation for its planned inaugural orbital launch scheduled for early 2023. Currently, the company is perfecting four launch vehicles, which use engines by Ursa Major Technologies.
The latest funding round comes after Phantom Space acquired another Arizona startup, StratSpace.
Does Phantom Space Have a Bright Future?
All things considered, the future looks bright for the aerospace tech company, which is reportedly looking to secure government partnerships. According to reports, Phantom is also building imagery satellites for a private company with plans to support the U.S. Department of Defense.
Jim Cantrell, CEO of Phantom Space, is confident his company can speed up the space orbit race. In a statement, he explained:
“We are proud of our contrarian approach to building rockets and other space transportation technology. 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.”
Projected Success After a Fail
Phantom Space is not Cantrell’s first foray into the orbital economy. He was an early SpaceX employee and co-founded another Arizona startup called Vector Launch. According to reports, Vector Launch raised over $90 million but filed for Chapter 11 in 2019 after Sequoia Capital pulled its funding.
Lockheed Martin scooped up $4.25 million worth of Vector Launch’s intellectual property. The purchase bodes well and indicates that the company was likely onto something but hit a patch of bad luck.
Connect with an Arizona Startup Lawyer Today
The Kelly Law Firm doesn’t represent Phantom Space, but we are a boutique legal practice that works with Arizona startups. If you need assistance with anything from business formation to intellectual property protection, we’re here. We’ve helped countless startups get their legal sea legs. So if you’re in the same boat, get in touch.
