According to Washington news, a total of $13 million was spent to allow the continuation of the constellation of small satellites. The small satellites are created to carry a mixture of payloads for those customers who do not fly their satellites.
Foundation Capital led the financing of the Loft Orbital, where other participants joined in the contribution such as Kima Ventures, Cendana Capital, Swell Partners and GFA Ventures. This participation raised a total amount of $20 million.
Sunil Nagaraj, an investor in Rocket Lab and Spire and a principal at Bessemer Venture Partners, was among those who took part in the contribution of aloft Orbit Series A. He made his contributions through a $30 million project he founded known as Ubiquity VC.
By mid-2020, YAM-2, a San Franciscan based Loft Orbital first satellite is scheduled to launch on an Indian Polar Satellite Launch Vehicle. Alex Greenberg, Rideshare broker and co-founder of Loft Orbital Spaceflight has arranged a vehicle to help in the launching process. He said that a shelved mission known as YAM-1 is set in place to start carrying the payloads of its customer.
YAM-2, in short Yet another Mission is scheduled to carry five payloads. The payloads include; a methane sensor for Orbital Sidekick, a satellite payload for positioning Furgo, UAE government’s imager, Eutelsat’s Internet of things telecom payload and Space Chain’s blockchain payload.
The business model of Loft Orbital entails purchasing satellite buses from vendors in spacecraft a deigning them by mixing a mixture of payloads from other customers with their payloads. The customers must pay a fee to satellite operated by Loft Orbital.
Loft Orbital, a startup of 30 people, is integrating YAM-2 using a satellite bus given by Blue Canyon Technologies. Loft Orbital has not yet stated the person who will help develop YAM-3 buses which are supposed to launch in 2020. Greenburg said that YAM-4 would launch in 2021and its vendor before the year ends.
As stated by Pierre-Damien Vaujour, the co-founder of Loft and its chief executive, YAM-3, YAM-4 and YAM-5 are to be constructed on satellite buses ordered individually. By April, the company has a plan of placing its batch order, which will cater for 10-20 platforms of satellites from a single vendor. By the end of next year and 2021, the Loft Orbital is supposed to have its first two satellites in orbit. This comes after several failures of schedule deployment due to delay in vehicle launch for YAM-2 and YAM-4.