Apex, a Los Angeles-based company specializing in satellite manufacturing, has successfully raised $95 million to expand its operations following a triumphant first flight.
The company’s debut spacecraft, Aries, launched and was delivered in March without any issues—a rare feat in the space industry. With this success under their belt, Apex is now focused on growth and scaling its production.
Key initiatives include increasing the production of Aries and investing in the development of Nova, a spacecraft twice the size of Aries. CEO and co-founder Ian Cinnamon revealed that the company aims to produce five Aries models this year alone.
Apex was founded to address a significant bottleneck in the space industry—satellite bus production. Traditionally, these buses required custom engineering and lengthy lead times. Co-founders Ian Cinnamon and Maximilian Benassi aim to commercialize satellite buses, making them available in standardized formats. This change will simplify the process for companies looking to send payloads into orbit.
The reduction in launch costs, thanks to SpaceX Falcon 9 ride-share missions, has increased demand for space access. These advancements have created a market opportunity for ready-made spacecraft. Customers can pay a fixed price for a ride to orbit up to a specific volume, and standardizing spacecraft can make this process more cost-efficient.
Cinnamon emphasized the importance of productization in their business model. “We can clearly outline the selling price, unit economics, and margins for each satellite bus we sell,” he explained. “We’re transparent with our customers about not always having the lowest prices; sometimes we charge more for quicker delivery.”
Investors were attracted to this clear economic model. “Investors want to see businesses with strong fundamentals,” Cinnamon noted. “There’s a lot of interest in hard tech right now.”
Another advantage for Apex is that most customers are interested in purchasing multiple satellites over time, building constellations. This trend works in the company’s favor.
Currently, Apex employs nearly fifty people and expects to double its workforce by the year’s end.
The funding round was led by early investors XYZ Venture Capital and CRV. Other participants included Upfront, 8VC, Toyota Ventures, Point72 Ventures, Mirae Asset Capital, Outsiders Fund, and GSBackers, as well as existing investors Andreessen Horowitz, Shield Capital, J2 Ventures, Ravelin, Robinhood co-founder Baiju Bhatt, and Avalon Capital Group.
By focusing on productization and transparency, Apex is well-positioned to scale its operations and meet growing market demands.
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