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 advocateslow-cost spaceflight technology and policy, principally with private funding, with only secondary or no involvement withgovernment spaceflight programs and contractors.

It covers companies that are developing new launch systems, satellites, spacecraft, new propulsion systems, new antennasystems etc. This also includes companies providing space services such as tourism, space burial services. The report excludesgovernment 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 tocategorically 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

1514

24

16

5

0

6

12

18

24

30

2010 2011 2012 2013 2014 2015 2016

Nu

mb

er o

f C

om

pan

ies

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 ModelTotal

FundingExample

20 Sep-2010 10 Launch Vehicles > Small Payload $36M zero2infinity.space

Zero 2 Infinity2009, Valles

16 Jun-2010 16 Space Services > Satellite Imaging $393M urthecast.com

UrtheCast2010, Vancouver

4 Sep-2009 4Support Engineering > Satellite Antenna Systems

$148M kymetacorp.com

Kymeta Corp2012, Seattle

7 Jul-2009 4 Space Hardware > Rovers $34M spaceil.com

SpaceIL2010, Tel Aviv

8 Jul-2008 4Support Engineering > H/W for SmallSats

$2M tethers.com

Tethers1994, Bothell

33 Aug-2007 13 Launch Vehicles $1.7BSpaceX

2002, Hawthorne

56 Apr-2007 36 Space Services $2.5B spaceservicesinc.com

Space Services1982, Houston


Large Upcoming Sectors


Average Age


Business ModelTotal

FundingExample

7 Aug-2004 2 Launch Vehicles > Experimental $500M masten.aero

Masten2004, Mojave

10 Feb-2004 6 Space Services > Tourism $513M worldview.space

World View2013, Las Vegas

14 Jan-2004 6 Space Hardware > Satellites $2.5B siliconvalleylaunch.com

Silicon Valley Launch2014, Redwood City

65 May-2003 31 Support Engineering $315M yorkspacesystems.com

York Space Systems2014, Denver

34 Sep-2002 13 Space Hardware $2.8B ohb.de

OHB1981, Bremen

11 May-2001 5Support Engineering > Propulsion Systems

$10M elwingcorp.com

Elwing Company2002, Princeton

5 Jan-1998 1 Launch Vehicles > Large Payload $1.2B ulalaunch.com

United Launch Alliance2006, Centennial


Niche Upcoming Sectors


Average Age


Business ModelTotal

FundingExample

1 Jan-2013 1Support Engineering > In-orbit satellite servicing

effective-space.com

Effective Space Solutions2013, Givatayim

7 Jul-2001 2Support Engineering > Support Equipment

$7M psatellite.com

Princeton Satellite Systems1992, Plainsboro

3 Apr-1999 1Support Engineering > H/W for Launch vehicles

$111M reactionengines.co.uk

Reaction Engines1989, Abingdon

1 Jan-1999 1 Space Hardware > Space Stations $250M bigelowaerospace.com

Bigelow Aerospace1999, 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 57

11

14

2221

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

Nu

mb

er of R

ou

nd

sFu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

Funding Amount Number of Rounds

Note: The funding excludes debt and post IPO rounds.


YoY – Number of Rounds by Stage

5

2

79

14

112

4

9 4

13

11

34

2

2

6

2

0

9

18

27

36

2011 2012 2013 2014 2015 2016

Nu

mb

er o

f R

ou

nd

s

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

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

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

Fun

din

g A

mo

un

t (i

n M

illio

ns)

Seed Series A Series B


Top investments in last one year

CompanyFunding Amount

Round Name

Date Investors

o3bnetworks.comO3b Networks

(The Hague, 2007)$460M PE Dec-2015

reactionengines.co.ukReaction Engines(Abingdon, 1989)

$79MGrant

(prize money)Jul-2016

kymetacorp.comKymeta Corp

(Seattle, 2012)$62M Series D Jan-2016 Lux Capital, The Kresge Foundation, Osage Partners

astroscale.comAstroscale

(Singapore, 2013)$35M Series B Mar-2016 Innovation Network Corporation of Japan, JAFCO

reactionengines.co.ukReaction Engines(Abingdon, 1989)

$32M PE Nov-2015 BAE Systems

planetaryresources.comPlanetary 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.comFirefly Space

(Cedar Park, 2014)$19M Series A May-2016

spaceflight.comSpaceflight

(Seattle, 1999)$18M Series B Jun-2016 Mithril, RRE Ventures, Vulcan, Razor's Edge Ventures




Round Name

Date Investors

worldview.spaceWorld View

(Las Vegas, 2013)$15M Series B Apr-2016

Canaan Partners, Norwest Venture Partners, Moment Ventures, Base Ventures, Tencent

omnispacellc.comOmniSpace

(Dulles, 2012)$8M Series A Feb-2016 Columbia Capital

relativityspace.comRelativity Space(Seattle, 2016)

$8M Seed Jul-2016

omnispacellc.comOmniSpace

(Dulles, 2012)$8M Series A Jun-2016 Columbia Capital

accion-systems.comAccion Systems

(Somerville, 2014)$8M Series A May-2016 Shasta Ventures, RRE Ventures, Founder Collective, Slow Ventures

descarteslabs.comDescartes Labs

(Los Alamos, 2008)$5M Series A Nov-2015 Cultivian Sandbox, Crosslink Capital, Data Collective, TenOneTen, Valuestream Labs

keplercommunications.com

Kepler Communications(Toronto, 2015)

$5M Seed Aug-2016 Liquid 2 Ventures, IA Venttures, Globalive Capital

skyfi.techSkyFi

(Tel Aviv, 2015)$3M Seed Feb-2016 Jerusalem Venture Partners




Round Name

Date Investors

iceye.fiICEYE

(Espoo, 2012)$3M Series A Nov-2015 True Ventures, Lifeline Ventures, Founder

astrobotic.comAstrobotic

(Pittsburgh, 2008)$3M Seed May-2016 Space Angels Network

pldspace.comPLD Space

(Elche, 2011)$2M

Grant (prize money)

Apr-2016

onespacechina.comOneSpaceChina(Beijing, 2015)

$2M Seed Dec-2015 Legend Star, Chunxiao Capital

moonexpress.comMoon Express

(Mountain View, 2010)$1M

Grant (prize money)

Dec-2015 XPRIZE

relativityspace.comRelativity Space(Seattle, 2016)

$1M Seed May-2016 Canyon Creek Capital

leafspace.euLeaf Space

(Milan, 2014)$1M Seed Jul-2016 RedSeed Ventures, Como Venture, Key Capital, PoliHub

deepspaceindustries.comDeep Space Industries

(Houston, 2012)$1M Seed Nov-2015 METATRON




Round Name

Date Investors

vectorspacesystems.comVector Space Systems

(Tucson, 2016)$1M Seed Apr-2016

moonexpress.comMoon Express

(Mountain View, 2010)$259K

Grant (prize money)

Apr-2016 SpaceFlorida

analyticalspace.comAnalytical Space

(Cambridge, 2016)$100K

Convertible Debt

Aug-2016

exactearth.comexactEarth

(Cambridge, 2009)$36K Angel Feb-2016

deepspaceindustries.comDeep Space Industries

(Houston, 2012)$25K Seed Aug-2016

herasys.comHera 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 AngelsNetwork

Delta-V BessemerVenture Partners

Draper FisherJurvetson

Founders Fund

RothenbergVentures

RRE Ventures CaixaCapital Risc

Canaan Partners Capricorn

Tota

l Nu

mb

er o

f R

ou

nd

s

World View Weebill space Skybox ImagingSpace

ExplorationSpace

ExplorationWorld View Spire Zero 2 Infinity World View

Space Exploration

XCOR Obelisk Systems Spire Planet Labs Planet LabsSpace

ExplorationSpaceflight 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 OverviewTotal

Funding

Jul-2016 garvspace.comGarvey Spacecraft(Long Beach, 2000)

Vector spacesystems

UndisclosedLaunch vehicle systems and Advanced space technologies

Jul-2016 amos-spacecom.comAmos

(Ramat Gan, 1995)Xinwei $285M

Operating AMOS Satellite fleet to offer space services

Aug-2016 o3bnetworks.comO3b Networks

(The Hague, 2007)SES Undisclosed

Satellite-based telecommunication services providerGoogle, 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

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

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 OverviewBusiness Model

dhruvaspace.comDHRUVA SPACE

(2012, Bangalore)

New space enterprise offering small satellite servicesSupport Engineering > H/W for SmallSats

madeinspace.usMade in Space

(2010, Moffett Field)

3D Printers for spaceSupport 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

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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 providerGoogle, HSBCnet, North Bridge Venture Partners, BIP Investment Partners, Liberty Global, Satya Capital

Space Services $701.7M

OneWeb(2012, California City)

Satellite connectivity across the globeQualcomm, 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 servicesNEA, VantagePoint Capital Partners, Red Shift Ventures Space Services $250M

Spaceflight(1999, Seattle)

Products and services for launch missionsVulcan, RRE Ventures, Chugach Alaska, Razor's Edge Ventures, Mithril Space Services $53.5M

Astroscale(2013, Singapore)

Space debris clearingJAFCO, Innovation Network Corporation of Japan, COENT Venture Partners

Space Services $42.7M

OmniSpace(2012, Dulles)

Satellite Operator and provide mobile satellite servicesColumbia Capital Space Services $16.77M

GeoMetWatch(2008, Las Vegas)

Develops environmental observation systemsVenture Capital Space Services $6M

Kepler Communications(2015, Toronto)

Space based telecommunications companyIA 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 solutionsRepublic Financial Space Services $2.6M

Leaf Space(2014, Milan)

Ground station network and Launch vehicle for small satellitesEuropean Union, Key Capital, PoliHub, RedSeed Ventures, Como Venture Space Services $1.11M

Analytical Space(2016, Cambridge)

small satellite communicationsSpace Services $100k

Lunar Station(2016, Cambridge)

Commercialising Moon's resourcesSpace Services

sen(2011, Guildford)

Building a satellite network for in-orbit activities and planetary observation Space Services

Skycorp(1998, Mountain View)

On-orbit servicing companySpace Services

Apstar(1992, Hong Kong)

Satellite Operator and service providerSpace Services

Quberider(2015, Sydney)

Technology ridesharing in CubeSatsmuru-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 businessSpace Services

Dunvegan Space(2012, Atlanta)

Building network of data processing satellitesSpace Services

PlanetiQ(2012, Bethesda)

Satellite based data provider for weather forecastingSpace Services

SpaceGrid(2013, Mumbai)

Automated remote sensing based monitoring solutions using satellite & land based tech Space Services

Earth2Orbit(2007, Mumbai)

Satellite launching servicesSpace Services

Space Services(1982, Houston)

Space Memorial, Star naming services and incubator for space businessSpace Services

Microspace(1988, Raleigh)

Satellite Broadcasting CompanyBroadcast



Space Services (4/8)



Launch Vehicles (1/5)

Space Services << Go to BM List >> Space Hardware


Space Hardware (1/5)

Launch Vehicles << Go to BM List >>Support

Engineering




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


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Team

Vishnu Prasad Kundrapu

Senior Analyst – Technology

Manthan Marvaniya

Analyst – Technology

https://in.linkedin.com/in/vishnuprasadk

https://twitter.com/kvishnuprasad

https://in.linkedin.com/in/manthanmarvaniya

https://twitter.com/AskManthan

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tracxn research — new space landscape, december 2016

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