X-Bow Systems Closes Funding from Lockheed Martin Ventures and Company Insiders

Rhea-AI Summary

X-Bow Systems Inc (X-Bow) secures interim funding led by Lockheed Martin Ventures to expand solid rocket motor production capacity. The investment fulfills matching requirements for the $60M STRATFI Program with AFWERX and the U.S. Airforce. The funds will be used for solid rocket motor technology and the phase I build out of a 'gigafactory' style solid rocket motor campus, completed in months at a fraction of the typical cost.

Funding expands X-Bow's advanced manufactured solid rocket motor production capacity and the US industrial base 

ALBUQUERQUE, N.M., Nov. 16, 2023 /PRNewswire/ -- X-Bow Systems Inc (X-Bow), America's low-cost hypersonics provider announced the close of an interim funding round led by Lockheed Martin Ventures the venture arm of Lockheed Martin Corporation (NYSE: LMT). Investors included, Crosslink Capital, Razor's Edge Ventures, Balerion Spacen Ventures, Bravo Victor Venture Capital, and Capital Factory. 

"This interim investment in X-Bow is part of Lockheed Martin's strategy to add anti-fragility in the solid rocket motor industrial base by enabling new technology and affordability in this sector, not only for our products but for the U.S. industrial base as a whole," said Chris Moran, vice president and general manager at Lockheed Martin Ventures. 

The interim funding round further fulfils X-Bow's matching requirements for its $60M STRATFI Program with AFWERX and the U.S. Airforce, selected earlier this year.

"X-Bow will apply these funds to its solid rocket motor technology and to completing the phase I build out of its 'gigafactory' style solid rocket motor campus," said Jason Hundley, X-Bow CEO. 'This new factory campus is commercially funded by X-Bow and its partnership with the Luling, TX Economic Development Corporation. Typically this type of solid rocket motor production capacity takes years and hundreds of millions of dollars of investment to develop. But we are completing our phase one in a matter of months at a fraction of the cost."

ABOUT X-Bow Systems

X-Bow Systems is disrupting the aerospace industry with innovative and cost-effective additively manufactured energetics for the solid rocket motor and launch vehicle market. X-Bow is also designing and building a suite of modular solid rocket motors and small launch vehicles for both orbital and suborbital launch services. X-Bow is led by CEO Jason Hundley, Chairman Mark Kaufman, CTO Max Vozoff, CRO Maureen Gannon, General Counsel John Leary and a growing team of seasoned industry veterans and new space entrepreneurs. X-Bow is a privately held company with investment from Crosslink Capital, Razor's Edge Ventures and Lockheed Martin Ventures. Headquartered in Albuquerque, New Mexico, X-Bow has additional presence in California, Alabama, Colorado, Texas, and Washington, DC. X-Bow is actively recruiting talented and determined individuals to join its team. For more information visit www.xbowsystems.com.

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SOURCE X-Bow Systems

FAQ

What is the purpose of the interim funding received by X-Bow?

The interim funding aims to expand solid rocket motor production capacity and fulfill matching requirements for the $60M STRATFI Program with AFWERX and the U.S. Airforce.

Who led the interim funding round for X-Bow?

Lockheed Martin Ventures, the venture arm of Lockheed Martin Corporation, led the interim funding round for X-Bow.

How will X-Bow utilize the funds received?

X-Bow will use the funds for solid rocket motor technology and to complete the phase I build out of its 'gigafactory' style solid rocket motor campus, in collaboration with the Luling, TX Economic Development Corporation.

What is the significance of the rapid completion of the solid rocket motor campus phase I build out?

The completion within months at a fraction of the typical cost highlights the efficiency and cost-effectiveness of X-Bow's approach to solid rocket motor production capacity expansion.