Total amount raised
$15 Millions
Latest funding date
8/1/2022
Location
Xona Space Systems has successfully raised significant funding through multiple rounds, with the latest being a Series A round. The company is focused on developing advanced satellite navigation systems, offering precise and protected navigation services globally through their PULSAR service.
Keep reading to explore the intricacies of Xona Space Systems' fundraising journey and the investors backing this innovative platform.
What Is Xona Space Systems?
Founded in 2019, Xona Space Systems is based in San Mateo, California. The company specializes in developing advanced satellite navigation systems, offering precise and protected navigation services globally through their PULSAR service.
The founding team includes Adrien Perkins, Brian Manning, Bryan Chan, Jerami Martin, Kazuma Gunning, Paul Tarantino, and Tyler Reid. Their expertise has been instrumental in driving the company's innovative solutions.
With a team of 11-50 employees, Xona Space Systems is dedicated to enhancing the accuracy and reliability of navigation for billions of devices worldwide.
How Much Funding Has Xona Space Systems Raised?
- Pre-Seed Round
- Amount Raised: $1M
- Date: May 14, 2020
- Lead Investors: 1517 Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their satellite navigation technology.
- Grant
- Amount Raised: $225K
- Date: May 21, 2020
- Lead Investors: National Science Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage research and development.
- Non-Equity Assistance
- Date: Sep 1, 2020
- Lead Investors: Creative Destruction Lab (CDL)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain mentorship and strategic guidance.
- Grant
- Amount Raised: $100K
- Date: Apr 1, 2021
- Lead Investors: NGA Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their navigation technology.
- Seed Round
- Amount Raised: $8M
- Date: Sep 22, 2021
- Lead Investors: Seraphim Space
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their team and accelerate product development.
- Venture Round
- Amount Raised: $10M
- Date: Apr 1, 2022
- Lead Investors: 1517 Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and prepare for commercialization.
- Grant
- Amount Raised: $1M
- Date: Jul 15, 2022
- Lead Investors: National Science Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support advanced research and development.
- Venture Round
- Date: Aug 3, 2022
- Lead Investors: First Spark Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling their technology and market reach.
- Grant
- Amount Raised: $100K
- Date: Apr 18, 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund specific research initiatives.
- Series A
- Amount Raised: $19M
- Date: May 8, 2024
- Lead Investors: Future Ventures, Seraphim Space
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the deployment of their LEO satellite network and begin beta operations of their PULSAR™ service.
Total Amount Raised: $39.425M. Current Valuation: Not publicly disclosed.
Key Investors
- Future Ventures
- Details: Co-founded by Steve Jurvetson, Future Ventures is a venture capital firm that focuses on funding frontier technologies. They are known for backing companies that push the boundaries of innovation.
- Investment Focus Areas: Space, deep tech, autonomous systems.
- Notable Investments: SpaceX, Tesla, Planet Labs.
- Seraphim Space
- Details: Seraphim Space is a venture capital firm specializing in space technology investments. They support companies that are developing new space capabilities.
- Investment Focus Areas: Space technology, satellite communications, Earth observation.
- Notable Investments: Spire Global, Iceye, AST & Science.
- First Spark Ventures
- Details: First Spark Ventures invests in early-stage technology companies with a focus on transformative technologies. They aim to support innovative startups.
- Investment Focus Areas: AI, robotics, space tech.
- Notable Investments: Not publicly disclosed.
- 1517 Fund
- Details: 1517 Fund focuses on funding early-stage startups led by young founders, often those who have opted out of traditional educational paths. They aim to support innovative and disruptive ideas.
- Investment Focus Areas: Technology, education, hardware.
- Notable Investments: Luminar Technologies, Figma, Luminopia.
- National Science Foundation
- Details: The National Science Foundation is a government agency that funds research and education in science and engineering. They provide grants to support innovative technologies and scientific advancements.
- Investment Focus Areas: Science, engineering, technology.
- Notable Investments: Not publicly disclosed.
What's Next for Xona Space Systems?
With the successful Series A funding, Xona Space Systems is poised to revolutionize the satellite navigation industry. The deployment of their LEO satellite network and commercialization of the PULSAR™ service present vast opportunities, particularly in agriculture, automotive, and defense sectors. These industries are eager for high-precision navigation solutions that surpass traditional GPS capabilities.
As Xona scales its operations, future fundraising rounds seem likely to support further development and market expansion. However, the company will need to navigate technical challenges in satellite deployment and ensure the security and reliability of their services. Competition from established GPS providers and regulatory hurdles also pose significant challenges.
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