The company will be adding modules to the International Space Station before operating its own independent station in orbit.
Private space-tech company Axiom Space has raised $130m to launch its own space station.
The Texas company is developing a commercial space station for orbit and has been selected by NASA to provide modules to the International Space Station (ISS) in the coming years.
Last month, Axiom announced that it had assembled its first private astronaut crew that will fly to the ISS in 2022.
The start-up plans to detach its space station modules from the ISS in 2028 to operate as its own independent space station in orbit. When fully operational, the space station will be the key piece of infrastructure to facilitate further private space exploration to the moon and Mars.
The Series B funding round was led by C5 Capital with several other investors taking part, including TQS Advisors, Declaration Partners and Moelis Dynasty Investments.
Axiom said in a statement that the new funds will finance the construction of its space station by expanding the company’s headcount.
“Axiom’s sole-selection by NASA to connect to ISS and ability to leverage its key revenue lines are evidence of the company’s expertise and a business model that is set up to optimise across a variety of commercial on-orbit opportunities,” Axiom co-founder Kam Ghaffarian said.
Axiom was founded in 2016 to join the new space race of private companies. According to Bank of America, the space industry is tipped to be worth $1.4trn over the next decade, despite the investment delays and setbacks brought on by the pandemic.
It’s an opportunity that hasn’t been lost on investors, with investment in space tech reaching $25.6bn in 2020.
Rob Meyerson, operating partner at C5 Capital, will be joining Axiom Space’s board of directors.
“Axiom Space is a force in the space sector, and it will become a centrepiece of the C5 Capital portfolio and enhance our vision for a secure global future,” he said.