NEW YORK, Jan. 17, 2024 (GLOBE NEWSWIRE) -- RocketStar, Inc., a frontrunner in redefining the boundaries of space exploration and satellite services, today announced a series of achievements enabling the company to take advantage of the $10 Billion space propulsion market.
The achievements include securing a $2 million seed investment, acquiring Miles Space, Inc., a space propulsion and spacecraft manufacturer, and announcing a new member to its board of directors, Mr. Mitchel Simpler.
RocketStar’s $2 million seed investment will serve to solidify the merger and support operations. This investment also triggered the conversion of a previously issued set of $1.4 million notes to the new Series Seed equity.
“The company is proud to have completed this round at a significantly challenging time for such investments,” said RocketStar CEO Chris Craddock. “This investment enables us to further explore possibilities within the future of fusion propulsion and advanced aeronautics, both of which are core missions of our organization. We see a vast future ahead of us and we’re excited to be able to use this investment to help us realize this future.”
In addition to closing the seed funding round, RocketStar announced the acquisition of Miles Space, Inc., an innovative company that developed the revolutionary electric thruster and is currently working on a nuclear-fusion enhanced version of that thruster with RocketStar’s guidance. Miles Space’s in-space propulsion experience serves as a natural extension of RocketStar’s existing suite of services, especially as it pertains to fusion propulsion, space communications and rocket launch offerings. Lastly, Miles’ base thruster proposes a revolutionary change to in-space as well as Very Low Earth Orbit (VLEO) and in-atmosphere propulsion, as the thruster has shown to be able to operate with krypton, iodine, water, and air. It can literally create propulsion out of thin air.
Miles Space also brings with it a portfolio of distinctive digital signal processing software that enables communications deep into space, as well as capabilities for low probability of intercept communications and passive radar.
“We are thrilled to be joining RocketStar to commercialize our propulsion technology,” said Miles Space CEO Wes Faler. “This partnership is the first of its kind and enables RocketStar to bring nuclear fusion capabilities to the market. The combination of our two companies will also allow us to expand applications of our novel, digital signal processing software.”
Finally, RocketStar added a new member to its board of directors, bringing a wealth of knowledge to the team as the company looks to further its development and bring its products to market:
- Mitch Simpler, Partner Emeritus and former Managing Partner of Jaros, Baum & Bolles: Mitch is the former Chairman and National Director of the American Council of Engineering Companies for the State of New York and Vice Chairman for National ACEC.
“We are excited about the addition of Mitch to our Board and look forward to the great things that this investment and acquisition will do for our customers,” said Craddock. “RocketStar is an organization dedicated to redefining the boundaries of space exploration and satellite services, and each of these milestones helps us grow closer to achieving that goal.”
About RocketStar:
RocketStar is an industry innovator in rocket propulsion technologies transforming access to space. Recognized for their revolutionary, patent-pending Aerospike Engine, as being reusable, reliable, and affordable, RocketStar is opening a whole new level of accessibility for future space travel. The team is comprised of a small but talented group of scientists and adventurers with a mission to make space democratized and open for everyone and everywhere.
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Karen Hamill
Communications Strategy Group
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