Agile Space Industries built a business on, you guessed it, agility—the ability to deliver high-performing propulsion systems on-time, every time.
With demand for its propulsion systems on the rise, Agile raised a $17M Series A to ensure it can fulfill its orders without increasing its delivery times, according to CEO Chris Pearson.
The round was led by Caruso Ventures and Howdy Partners, with additional participation from Lockheed Martin Ventures, Veteran Ventures Capital, Denver Ventures, and Cortado Ventures. The Series A brings Agile’s total fundraising to about $40M.
Tipping the balance: Agile has been cash positive for the past 18 months, according to Pearson.
As a result, the Series A will act as growth capital. Agile plans to use the new funds to expand manufacturing and testing to meet ballooning orders.
“I think that the biggest [order] in the early days was about 35 thrusters. But we’re looking at orders now where it can be in hundreds, and even thousands, of units,” Pearson said. “We need to make sure that we have the volume side of the company. That’s where we’re really growing this year.”
Putting growth to the test: The team has grown from about 50 employees in 2023 to 130+ today, and it has new facilities in the works to execute on future contracts.
In January, the company broke ground on the first section of a new test facility in Tulsa, OK, that is being built in collaboration with The Artemis Group, the City of Tulsa, and the Tulsa Regional Chamber’s economic development team.
The idea for the facility is not only to broaden Agile’s own capacity, but also to provide a testing space for the broader market, while increasing Agile revenues.
Compound growth: Agile’s growth rate isn’t slowing down anytime soon. Agile has about $60M in contracted backlog, and has won contracts that, together, could double the company’s revenue this year, according to Pearson.
- Last year, Agile won a contract to provide the propulsion systems for The Exploration Company’s Nyx spacecraft;
- Agile’s test stands are being used to support Firefly’s lunar program;
- Agile teamed up with True Anomaly to provide engines, thrusters, and tanks for the DoD’s dogfighting-in-space challenge—VICTUS HAZE.
- Agile is also on teams targeting Golden Dome contracts for space-based intercept capabilities, according to Pearson.
Agile expects to grow its offering to include capabilities beyond thrusters and test stands. Pearson told Payload that Agile developed a propulsion tank that uses an internal piston-to-stem propellant sloshing. The company is seeing orders of these tanks increase considerably, as new applications in space demand greater precision.
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