Accion Systems has raised $7.5 million in Series A funding to expand its development and production of innovative propulsion systems for small satellites. The Series A round was led by Shasta Ventures with partners Founder Collective, RRE Ventures and Slow Ventures, according to CrunchBase.
Accion says that its “modular, customizable propulsion systems are some of the first that can turn affordable satellites into capable ones. Non-volatile, non-explosive propellants mean systems qualify for shared launches. Bolt-on modules simplify and shorten satellite development and integration.”
Accion Systems received $2 million in seed funding in January 2015. The round was led by FF Science and Founders Fund with seven other partners.
The MIT-spinout also announced in June 2015 that it has been awarded a $3 million Rapid Innovation Fund (RIF) contract from the Department of Defense.
“The RIF program was established to facilitate the rapid insertion of innovative technologies into military systems,” the company said in a press release. “Through this effort, Accion will advance its next-generation electric propulsion system.”