Radian Aerospace, developer of a fully
reusable horizontal takeoff and landing, single-stage to orbit
spaceplane, announced Wednesday that the company recently
closed $27.5 million in seed funding. The recent round was
led by Fine Structure Ventures, a venture capital fund.The Radian spaceplane will “fill the
efficiency and capability gaps that exist with traditional vertical
rockets,” the company said in a press release. The vehicle will be
capable of a wide range of space operations including the delivery of
people and light cargo to low earth orbit with aircraft-like
operations.
"To date, a low cost space
transport solution has been lacking that can get humans and cargo to
and from space at a highly responsive rate," said Brett
Rome, venture partner at Fine Structure Ventures. "Radian is
well positioned to fill that gap with disruptive technology that
helps enable the emerging space economy."
The ability to fly to space,
perform a mission, return, refuel, and fly again almost immediately
enables in-space and terrestrial missions that are simply not
possible with traditional vehicles, the company said.
"Wings offer capabilities and
mission types that are simply not possible with traditional vertical
takeoff right circular cylinder rockets," said Livingston
Holder, Radian's co-founder and former head of the Future Space
Transportation and X-33 program at Boeing. "What we are doing is
hard, but it's no longer impossible thanks to significant
advancements in materials science, miniaturization, and manufacturing
technologies.”
“We are not focused on tourism, we
are dedicated to missions that make life better on our own planet,
like research, in-space manufacturing, and terrestrial observation,
as well as critical new missions like rapid global delivery right
here on Earth," said Richard Humphrey, CEO and co-founder
of Radian.
The company already has launch service
agreements with commercial space stations, in-space manufacturers,
satellite, and cargo companies, as well as agreements with the U.S.
government and selected foreign governments.
"We're talking about materially
enabling an industry that's expected to grow to $1.4 trillion in
less than a decade,” said Doug Greenlaw, a former chief
executive of Lockheed Martin and one of Radian's investors and
strategic advisors.
The addressable commercial market
opportunity for Radian's disruptive launch vehicle is estimated to
be $200 billion, the company said.