Xona Space Systems announced last week that they have raised “an oversubscribed financing round” that brings the company’s total funding to more than $25 million. In this latest round, led by First Spark Ventures, such companies as Lockheed Martin Ventures LMT -0.50%↓, SRI Ventures, Velvet Sea Ventures, Gaingels, Airstream Venture Partners and Space.VC.
Xona, which did not specifically say how much money was raised during the round, said the new capital will help it develop the Pulsar low Earth orbit satellite navigation system, which it hopes to achieve worldwide centimeter-level positioning. In addition, the company said it will grow its number of personnel and build out its Burlingame, Calif., research and development facility.
It’s been an eventful year for Xona. The company said it has doubled its full-time employees to 30, launched the Huginn orbital mission and signed deals with such GNSS companies as Hexagon | NovAtel and Spirent Federal.
Other Xona information:
- Existing Xona investors include Seraphim Space, Toyota Ventures, 1517 Fund, MaC Venture Capital and Stellar Ventures.
- Xona’s second space mission, called Muninn, is planned for a 2023 launch.
- Potential markets include automotive autonomy, drones and aerial mobility.
- Xona, which has cited Pulsar as a GNSS alternative, is the first company that has launched a privately funded satellite navigation mission.
Contact: Xona Space Systems, www.xonaspace.com.