Stoke Space, the innovative aerospace startup, has reached new heights with its recent $100 million Series B funding round. Led by Industrious Ventures, the investment will fuel the development of its first rocket, “Nova,” as well as the construction of launch infrastructure at Cape Canaveral in Florida. The funding round saw participation from renowned institutions such as the University of Michigan, Sparta Group, Long Journey, and a number of prominent investors.
Key Takeaway
Stoke Space has raised
00 million in a Series B funding round, bringing its total funding to
75 million. With the development of its first rocket, named “Nova,” and plans to conduct an orbital flight test by 2025, the investment positions Stoke as a key player in the aerospace industry.
Building Momentum
Stoke Space’s successful test of its reusable second stage gave the company a significant boost. During this critical “hop” test, the development vehicle soared to an altitude of approximately 30 feet and made a precise vertical landing just 15 feet away. The flawless execution validated the unique design of Stoke’s oxygen-hydrogen rocket engine, which features distributed thrusters lining the circumference of the second stage. With this milestone achieved, Stoke can now shift its focus toward finalizing the structure of the rest of the vehicle.
A Vision of Reusability
According to Stoke co-founder and CEO, Andy Lapsa, the company’s approach revolves around building a fully reusable upper stage and space vehicle. By prioritizing the development of the second stage architecture, Stoke has paved the way for future advancements. Lapsa emphasized the importance of understanding this fundamental aspect before progressing to the rest of the vehicle’s structure.
Industry Expert Joins the Board
In addition to securing substantial funding, Stoke also announced the appointment of Steve Angel, former CEO of Linde plc, to its board of directors. Angel, who serves on the board of GE as well, brings extensive industry expertise and leadership to Stoke as it embarks on its ambitious journey.
Targeting Orbit by 2025
Stoke Space is setting its sights on achieving orbital flight by 2025. While this remains the primary objective, the company acknowledges the potential for other significant milestones along the way. Stoke is taking a brief pause to recalibrate and solidify its plan, with the ultimate goal of harnessing increased momentum to propel the company forward.
With substantial funding, a comprehensive plan, and a proven track record, Stoke Space is poised to make its mark in the aerospace industry. By developing cutting-edge technology and embracing reusability, Stoke is revolutionizing space travel and paving the way for a new era of exploration.
