Relativity Space Raises $35 Million in Series B Round
Relativity Space announced the close of its $35 million Series B financing, led by Playground Global with full participation from existing Series A investors Social Capital, Y Combinator Continuity, and Mark Cuban. The funding will be used to grow the company’s automated process for manufacturing and launching entire rockets from conception to production. This new round brings Relativity’s total venture funding raised to more than $45 million.
Since forming in 2015, Relativity Space claims it has built the world’s largest metal 3D printer and completed more than 100 rocket engine test fires in its quest to build its own rocket constructed almost entirely of 3D-printed parts. Relativity employs 3D printing not just as a supplemental technique, but for more than 95 percent of major components. Using machine learning in combination with its custom software, hardware and proprietary metal alloys, Relativity claims it has cut rocket part count from 100,000 to 1,000 and reduced labor and timelines.
Relativity Space stated it has more than $1 billion worth of Memorandum of Understandings (MOUs) and Letters of Intent (LOIs) committed from commercial and government entities around the world. The company was also recently awarded a first of its kind, 20-year test site partnership with NASA Stennis valued at more than $30 million for exclusive lease and use of the 25-acre E4 Test Complex. This is Stennis’ first Contract Level Service Agreement (CLSA) and enables Relativity to develop, qualify, and acceptance test up to 36 complete rockets per year and includes an option to expand up to 250 acres.