10-01-2019: Relativity Space closed $140 million in Series C funding

This event was crucial for the company's development

On October 1, 2019, Relativity Space announced the completion of its Series C funding round, raising $140 million. The main investors were Bond and Tribe Capital, and new investors included Lee Fixel, Michael Ovitz, Spencer Rascoff, Mark Cuban and Jared Leto. This event was crucial for the company's development, enabling it to continue its work on launching the first fully 3D-printed rocket – Terran 1 – into orbit.

Relativity Space was founded in 2015 by Tim Ellis and Jordan Noone. From the start, the company had ambitious plans to revolutionize the space industry. It built the world’s first autonomous rocket factory, known as "Stargate," utilizing advanced technologies such as robotics, artificial intelligence, and 3D printing.

Their rocket, Terran 1, is entirely metal-printed, and its production process, from raw material to launch-ready vehicle, takes less than 60 days. As a result, Relativity Space gained a reputation as one of the most innovative players in the industry.

By 2019, the company was well on its way to achieving its goal – with commercial flights set to begin in early 2021. The company secured key agreements with the U.S. government, including access to the Cape Canaveral launch complex. Additionally, it partnered with companies like Telesat, mu Space, and Spaceflight Industries, who contracted them to launch their satellites using the Terran 1 rocket.

The first launch of the Terran 1 rocket took place in 2023 from the Cape Canaveral launch complex. It was a test flight intended to confirm the rocket’s capabilities to carry payloads into orbit. Although it did not achieve full success – the rocket failed to reach its planned orbit – it was considered a significant step forward.

Source: www.relativityspace.com