NZ-Dutch startup Dawn Aerospace raises $3.35m round led by Tuhua Ventures

Photo: Reuters

Dawn Aerospace, a New Zealand-Dutch startup that builds reusable rockets for satellite delivery, has raised $3.35 million in a funding round led by New Zealand-focused Tuhua Ventures, according to an announcement.

The financing round was joined by Aera VC and Erik Swan, founder of Splunk, a company that provides software and cloud services and is valued at more than $20 billion. Swan will join Dawn Aerospace’s board after the round.

The satellite maker plans to use the latest funding to commercialize its satellite propulsion systems and begin development of its Mk-II Spaceplane, said co-founder Stefan Powell said.

“We were able to attract investment from New Zealand, Europe, and the USA which tells us there is a global need out there not currently being fulfilled. The round was highly oversubscribed, which was a nice vote of confidence,” said Powell.

The company’s reusable rockets are capable of multiple flights per day and are designed to carry small satellites into the space. Dawn Aerospace also makes propulsion systems for small satellites to allow them to manoeuver once in space.

Dawn’s Mk-I spaceplane completed testing in August. Development of the Mk-II started with support from Callaghan Innovation and expected to take its first flight in 2020.

According to Modor Intelligence, the global small satellite market or smallsat market was valued at $2.69 billion in 2017, and is expected to reach $6.91 billion by 2023.

Also Read:

Honeywell launches $100m venture fund, targeting aerospace vertical

UK private equity firm cancels aerospace sale to Chinese buyer due to security concerns

India: Cyient sells 49% stake in Infotech Aerospace to Pratt & Whitney

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.