Apex has raised a $200M Series D round, about five months after closing a Series C of the same value.
The Series D, which was led by Interlagos, will allow the satellite manufacturer to boost its production capacity to better meet customer demand. It also values the company at over $1B, according to a press release.
Look back: In April, Apex announced a $200M Series C to increase vertical integration and stock more parts to deliver its satellite buses to customers as quickly as possible. CEO Ian Cinnamon said Apex wasn’t hurting for cash, but decided to move forward with the Series D after getting a call less than a month ago from Interlagos officials looking to work with the company.
“We were not fundraising,” Cinnamon told Payload. “What it really came down to was Interlagos is uniquely equipped to really help us on the sales side of the house.”
As part of the round, Tom Ochinero—a founding partner at Interlagos and former senior VP of commercial business at SpaceX—is joining Apex’s board.
“It made sense to move forward and bring this dream team together,” Cinnamon said. “One thing we were missing on the board was a real operator who deeply understood the sales side of the market, and now we have that.”
Prime real estate: To meet the growing demand, Apex is planning to more than double its manufacturing footprint in LA, by signing a lease on a new 55,000 sq. ft. facility next door to its existing factory. The new space will speed up production of satellite buses by 50%, according to a press release. Work is expected to begin in the new facility next year.
Brag sheet: In addition to the Series C, Apex has announced several other milestones this year, including:
- Winning a $45.9M Space Force contract in February, marking its largest government award to date.
- Unveiling its new, larger satellite bus, named Comet.
- Celebrating its first Aries sat operating for one year in orbit.
