Rendering of the Firefly Aerospace orbital vehicle Elytra. Photo: Firefly Aerospace

Firefly Aerospace has raised $175 million in new venture capital that will help it boost production of a multi-mission orbital vehicle and its small lift rocket, and accelerate hardware qualification of a medium launch vehicle (MLV) the company is developing with Northrop Grumman.

The Series D funding round was led by RPM Ventures, a new investor, and included existing investors, and new backers GiantLeap Capital and Human Element.

Some of the new capital will go toward expanding the market reach, and scaling production, of the Elytra spacecraft the Texas-based company is developing to satisfy government and commercial missions in cislunar space. The Elytra family of vehicles can support on-orbit transfers, hosting, delivery, servicing, and deep space communication networks, the company says.

Firefly said that the funding will also support scaling production of the Alpha small launch vehicle, which it expects to launch four to six times in 2025, and double that in 2026. Over the past year, the company has more than doubled the size of its manufacturing facilities, added two new test stands, and began operating automated fiber placement machinery for rapid carbon lamination, and a robotic powermill for rapid drilling and trimming.

Firefly and Northrop Grumman in August 2022 announced co-development plans for the MLV, which is being designed with a payload capacity of 36,000-pounds for Low-Earth Orbit (LEO) missions, and over 7,000-pounds to Geostationary Transfer Orbit. The launch proven Alpha can lift nearly 2,300 pounds to LEO.

“This successful funding round solidifies Firefly as the undisputed leader in responsive space,” Kirk Konert, Firefly’s chairman and a managing partner with the private equity firm AE Industrial Partners, said in a statement. “As we set out sights on 2025, we’re gearing up for a year that will redefine the industry and make history.”

Firefly is a portfolio company of AE Industrial partners.

This story was first published by Defense Daily