Phase Four designs and manufactures in-space electric propulsion hardware, software, and services centered on its Valkyrie family of Hall Effect Thrusters. Founded in 2015, the company positions itself as a supplier to constellation operators and satellite bus manufacturers to improve mission effectiveness and control costs. It is scaling manufacturing to address a supply-demand gap driven by growth in small-satellite constellations and in-space maneuverability needs. The company is ramping production to a minimum of 250 thruster units per year and is advancing next-generation thruster technologies tailored for defense and national security customers. Phase Four partners with Redwire Space on the Valkyrie propulsion system to create a reliable domestic supplier of Hall Effect Thrusters. Proceeds from the current fundraise are planned to expand manufacturing, accelerate R&D, and deepen strategic partnerships. Phase Four is a pioneering aerospace company developing advanced propulsion technologies for the next generation of space vehicles. Its systems are designed to enable faster, more efficient missions and to open new orbital regimes for government and commercial customers. The company emphasizes national security applications and the potential to bolster the nation’s security. Phase Four recently secured growth capital in the form of a contract‑linked financing to support an increasing pipeline of work. The financing is tied to the value of the company’s U.S. government contracts and can expand as additional contracts are secured, allowing Phase Four to focus on developing cutting‑edge propulsion systems and pursuing commercial opportunities. Phase Four develops the Maxwell radio-frequency plasma propulsion system for small spacecraft. Its Maxwell Block 1 removed the usual trade-off between thrust and specific impulse by allowing customers to operate in either a relatively high-thrust mode or a high-ISP mode, enabling faster maneuvers or propellant savings, per CTO Umair Siddiqui. The company plans to roll out Maxwell Block 2 in the first half of 2022, which it says delivers roughly an 85% improvement in thrust and ISP metrics. Phase Four’s thrusters use radio-frequency plasma sources instead of Hall-effect cathodes, yielding smaller, easier-to-manufacture engines that can accept any gaseous propellant rather than relying on xenon or krypton. The Maxwell engines use a modular, chassis-style design intended to keep production runs under four months, a timeline the company first hit with Block 1. The company has delivered ten Maxwell Block 1 systems to customers and this summer raised a $26 million Series B led by New Science Ventures LLC.

Total raised

$32M

Funding rounds

3

Latest round

Equity

Latest activity

Mar 2024