INNOSpace
INNOSpace is an aerospace and defense manufacturing & engineering company developing hybrid rocket powered launch vehicles to provide low-cost and low latency reliable launch services for SmallSat operators. The company is headquartered in Sejong City, close to Seoul, in South Korea and brings cutting-edge innovations to the space industry.
The company developed the HANBIT-TLV launch vehicle that will have a first test flight scheduled in December 2022 to carry an inertial navigation system called SISNAV for the Brazilian Air Force launching from the Alcântara Launch Center in Brazil. The launch was a result of an agreement between INNOSpace and the Brazilian Department of Aerospace Science and Technology (DCTA).
Company History
INNOSpace was founded in September 2017 by rocket propulsion systems expert Dr. Kim Soojong (CEO). Soojong holds a doctorate in Aerospace and Mechanical Engineering from Korea Aerospace University.
In January 2018 the company established an R&D center and in August it was selected as ‘Supporting Business’ to the Korean Defense Industry.
In November 2020 the company established INNOSpace Do Brasil Eireli, a wholly-owned INNOSpace subsidiary, located in São José dos Campos, Sao Paulo, Brazil. The company will coordinate the launch operations from the Alcantara Space Center.
In January 2021 the company completed its Series A funding round of 7.3 million USD, participated in by dozens of domestic venture capital and strategic investors such as K. Partners Ltd., Intervest Co, Kolon Investment Inc., Hana Ventures Inc., Albatross Investment and JX Partners. The fundraising comes after it received pre-series A funding for an unidentified amount in 2019, reflecting the rapid growth in the small satellite market for commercial and scientific use.
Also, in January 2021 the company completed the development of the 50kN thrust engine for their HANBIT-TLV launch vehicle. A hot-fire test was conducted and witnessed by the 1st Vice Minister Jeong Byungseon of the Ministry of Science & ICT (MSIT).
In July 2021 the company raised 19.8 million USD in a Series B funding round. Key investors included Company K, Kolon Investment, Intervest, Future Play, Schmidt, SV Investment, L&S Venture Capital, and Tony Investment. Kolon Glotech joined the funding as a strategic investor.
In December 2021 INNOSpace signed a MoU with Andøya Space to launch rockets from Andøya Spaceport in Norway with smallsats into polar and Sun Synchronous orbits (SSO).
On May 4th, 2022 INNOSpace signed a commercial contract to launch a Brazilian military payload for the Brazilian Department of Aerospace Science and Technology (DCTA). INNOSpace will conduct its first suborbital test flight of HANBIT-TLV to carry an inertial navigation system called SISNAV for the Brazilian Air Force at the Alcântara Launch Center in Brazil in December 2022.
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Resources
www.innospc.com
www.newspace.im
www.kedglobal.com edition January 11th, 2021
www.crunchbase.com
www.spacewatchglobal.com edition January 6th, 2022
www.pulsenews.co.kr edition May 4th, 2022