Vector, Garvey Subsidiary File For Bankruptcy

Flight test of P-19H engineering model of the Vector-R launch vehicle from Friends of Amateur Rocketry site in California. (Credit: Vector Space Systems)

Space News reports that small launch provider Vector and its subsidiary, Garvey Spacecraft Corporation, have filed for Chapter 11 bankruptcy in Delaware.

Vector had been delveloping the Vector-R booster to loft small satellites into low Earth orbit. However, it laid off most of its employees in August due to financial difficulties. CEO Jim Contrell left the company, with John Garvey taking over.

Space News reports:

According to industry sources familiar with the company, the August layoffs were triggered when one of the company’s major investors, venture fund Sequoia, withdrew its support for the company because of concerns about how the company was managed. That came as Vector was working on a new funding round, and Sequoia’s decision had a domino effect, causing other investors to back out. Sequoia didn’t respond to a request for comment in August about any role it played in Vector’s problems.

The company is currently being funded through “debtor in possession” financing from Lockheed Martin, according to a resolution by Vector’s board of directors included in the filing. Under a Nov. 20 agreement, Lockheed provided Vector with a $500,000 secured loan and proposed purchasing Vector’s assets associated with a satellite program called GalacticSky for no more than $2.5 million.

While Vector was best known for its small launch vehicle development efforts, it undertook a separate project called GalacticSky to create software-defined satellites. That resulted in a number of patents on the technology and work on prototype satellites the company once planned to start launching this year.

Vector Raises $70 Million Series Be Funding Round

Flight test of P-19H engineering model of the Vector-R launch vehicle from Friends of Amateur Rocketry site in California. (Credit: Vector Space Systems)

TUCSON, Ariz., Oct. 19, 2018 (Vector PR) — Vector, a leading microsatellite launch company comprised of New Space and enterprise software industry veterans from SpaceX, Virgin Galactic, McDonnell Douglas, Boeing, Sea Launch and VMware, today announced that it has secured $70M in a Series B funding round led by Kodem Growth Partners, in conjunction with Morgan Stanley Alternative Investment Partners.

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Orbital Insight Announces $20 Million Investment

Orbital_Insight_logoPALO ALTO, Calif., Jun 27, 2016 (Orbital Insight PR) – Orbital Insight, a geospatial big data company, today announced its $15 million Series B round led by GV (formerly Google Ventures), with participation from CME Ventures, and existing investors Sequoia Capital, Lux Capital, and Bloomberg Beta. Together with an investment and development agreement from In-Q-Tel (IQT), this investment adds $20 million to the company’s funding.

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