Space manufacturing company Apex locked up a $95 million Series B led by XYZ Venture Capital and CRV to ramp up its production of satellite buses.

The Los Angeles-based space tech startup is helping streamline the approach to satellites with the ability to mass produce spacecraft buses — the main body and structural component of satellites — to help growing demand from customers like the U.S. Department of Defense.

The new cash will allow the company to increase production to meet customer demand — following the launch of Apex’s first bus in March.

Apex also just recently opened a new factory to help the company step-up production.

“The West cannot achieve the capabilities we need in space at the necessary scale and speed without a productized approach to powering and supporting satellites,” said Apex CEO and founder Ian Cinnamon, in a release. “Coming on the heels of our first launch and numerous bus sales to commercial, government, and international customers, this fundraise is a vote of confidence in Apex’s vision and success.”

Founded in 2022, the company has raised $122 million, per Crunchbase.

Space tech funding

Apex seems to be riding the wave of growing interest in space tech among investors.

Funding to VC-backed space tech startups appears to be on the uptick this year, per Crunchbase data.

Last year, space tech startups raised $5.8 billion. However, through less than half of this year, such startups have already seen $3.3 billion roll into their coffers.

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Illustration: Dom Guzman