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LOS ANGELES--(BUSINESS WIRE)--Nov 21, 2024--
Company name in first paragraph and boilerplate of release dated November 20, 2024, should read: Kindred Ventures (instead of Kindred).
The updated release reads:
INVERSION RAISES $44 MILLION TO POWER ON-DEMAND DELIVERY FROM SPACE
Inversion will use funding to build its next-generation autonomous spacecraft, making it cost-effective to deliver to the planet’s toughest spots from space – in minutes – and transforming the $6 trillion logistics industry
Inversion, the company pioneering precision delivery on-demand from space to anywhere on Earth, today announced a $44 million Series A funding round co-led by Spark Capital and Adjacent, with participation from Lockheed Martin Ventures, Kindred Ventures, and Y Combinator. This brings Inversion’s total funding to $54 million, following an earlier $10 million seed round. Inversion will use the funding to scale its operations and build Arc, its next-generation autonomous re-entry vehicle. Arc stores cargo in orbit and re-enters the atmosphere on-demand to deliver to even the most remote parts of the globe.
For centuries, companies and governments have been chasing ever faster delivery around the globe. Ships, aircraft, and other advancements have been transformative, but terrestrial solutions have yet to crack delivery in minutes at scale. It’s cost prohibitive to build and maintain the global network of planes, warehouses, and trucks needed to enable global delivery in minutes – let alone to remote areas like the top of mountains or middle of the ocean.
Inversion is using space as a tool to achieve this long standing “holy grail” of logistics – delivery in minutes, anywhere – with autonomous re-entry vehicles that orbit the Earth and re-enter through the atmosphere on a moment’s notice to the planet’s toughest spots – at lower total cost than terrestrial solutions.
“Getting a package delivered from space anywhere in the world will fundamentally transform logistics, and autonomous re-entry vehicles are going to change the economics of delivery,” said Nabeel Hyatt, general partner at Spark Capital. “Inversion’s progress since their seed round on both the vehicles and their customer interest is testament to what a singular company Inversion Space is turning into.”
“SpaceX is significantly decreasing the cost of launching things into space and that opens up the opportunity for Inversion’s re-entry vehicles to deliver goods and gear anywhere at any time,” said Nico Wittenborn, founder of Adjacent. “I’ve been impressed with the team’s ability to build both the hardware and software needed in house with very limited resources by scoring the support from the Department of Defense and other strategic partners. With fresh funding and strong macro tailwinds, I am excited to join the Board as an Observer in this next chapter for the company.”
“Inversion’s innovative approach to on-demand delivery from space has the potential to revolutionize the way goods are transported and delivered globally,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “We’re excited to support them in their mission to make this vision a reality, unleashing the power of autonomous spacecraft technology to unlock new opportunities for industries and communities around the world.”
In addition to their Series A funding, Inversion reached significant milestones this summer:
“Space is currently used as a tool to deliver global internet connectivity and earth observation, both massive terrestrial existing markets. Inversion is introducing the third pillar – cargo delivery – transforming the $6 trillion logistics industry,” said Inversion co-founder and CEO Justin Fiaschetti. “We have proven our capabilities, and our Series A funding will help us iterate, scale, and build our next generation of autonomous re-entry vehicles. Transportation and logistics advancements have been transformative throughout history – think of the societal impact of ships, trains, and airplanes – and the ability to access anywhere on Earth in minutes will be just as groundbreaking.”
Inversion
Inversion powers precision delivery on-demand from space to anywhere on Earth. Its fully autonomous re-entry vehicles deliver goods and gear to the planet’s toughest spots – remote islands, uninhabitable mountains, or the middle of the ocean – in less than an hour, within 20 feet (6 meters). Inversion is backed by companies like Adjacent, Kindred Ventures, Lockheed Martin Ventures, Spark Capital, and Y Combinator. To learn more about Inversion, visit https://www.inversionspace.com/. You can also follow us on LinkedIn and X.
View source version on businesswire.com:https://www.businesswire.com/news/home/20241120620244/en/
cynthia@inversionspace.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TRANSPORT AEROSPACE LOGISTICS/SUPPLY CHAIN MANAGEMENT MANUFACTURING
SOURCE: Inversion
Copyright Business Wire 2024.
PUB: 11/21/2024 12:17 PM/DISC: 11/21/2024 12:17 PM
http://www.businesswire.com/news/home/20241120620244/en