Vector launch vehicle at the Cape Canaveral Air Force Station. Photo: Vector.

Vector, a microsatellite launch company, has secured $70 million in a Series B funding round led by Kodem Growth Partners, in conjunction with Morgan Stanley Alternative Investment Partners. Vector plans to use this new round of funding to expand its sales and marketing teams, and build a new rocket manufacturing facility. Existing investors Sequoia Capital, Lightspeed Venture Partners, and Shasta Ventures also participated in the round.

“Vector is entering an extremely important phase of our journey, transitioning from a focus on research and development to flight operations and profitability. This Series B financing is a critical element in Vector’s mission to improve access to space and become a dominant launch provider to the small satellite industry,” said Vector Chief Executive Officer (CEO) Jim Cantrell in the release.

Capitalizing on the booming small satellite launch market, the Series B round saw investment from new investors, Kodem Growth Partners, who will help Vector achieve its ultimate goal of positioning the company for an eventual initial public offering. Vector aims to connect space startups and innovators with dedicated launch services and enabling platforms to access space more efficiently, and is comprised of NewSpace and enterprise software industry veterans from SpaceX, Virgin Galactic, McDonnell Douglas, Boeing, Sea Launch, and VMware, and