Participated · Series B · May 2025

X-Bow Systems develops advanced manufactured solid rocket motors (SRMs) and a suite of modular SRMs and small launch vehicles for orbital and suborbital services. The company uses patented advanced-manufactured solid-propellant (AMSP) processes to modernize production of energetics and establish alternative supply sources for missiles, munitions, and SRMs. X-Bow says its Luling, Texas campus will have the capability to produce thousands of SRMs, including Guided Multiple Launch Rocket System (GMLRS) motors. Headquartered in Albuquerque, New Mexico, the company has additional presence in California, Alabama, Colorado, Texas, Utah, Maryland and Washington, D.C. Leadership includes CEO Jason Hundley, Chairman Mark Kaufman, CTO Max Vozoff and other executives, and X-Bow lists investors such as Crosslink Capital, Razor's Edge Ventures, Balerion Space Ventures, Boeing and Lockheed Martin Ventures. The company is positioning its AMSP methods as a cost-effective, next-generation manufacturing approach for defense systems. X-Bow Systems is an Albuquerque, NM-based aerospace company that develops advanced manufactured energetics and solid rocket motors (SRMs) for the launch vehicle market. The company is designing and building a suite of modular solid rocket motors and small launch vehicles for both orbital and suborbital launch services. X-Bow supplies manufactured SRMs and related defense technologies to customers in the aerospace and defense sectors. The company announced it raised over $105M in a Series B funding round. It intends to use the funds to expand operations and accelerate development efforts. Senior leadership includes CEO Jason Hundley, Chairman Mark Kaufman, and CTO Max Vozoff. X-Bow Systems develops and manufactures advanced solid rocket motors (SRMs) and hypersonics technologies for both orbital and suborbital launch services. The company designs and builds a suite of modular strategic and tactical scale SRMs and small launch vehicles. It operates production facilities in Texas and has additional presence in California, Alabama, Utah, Colorado and Washington, DC, and is based in Albuquerque, NM. Led by CEO and Founder Jason Hundley, X-Bow is expanding engineering and R&D facilities across New Mexico. The company intends to use the new funding to accelerate growth of hypersonic-capable vehicles, advance strategic and tactical scale SRM programs, and complete its Luling, TX gigafactory campus. Financially, X-Bow raised more than $70M in a Series B financing to support these plans. X-Bow Systems develops cost-effective additively manufactured energetics for the solid rocket motor and launch vehicle market and is designing and building a suite of modular solid rocket motors and small launch vehicles for orbital and suborbital services. The company is privately held and led by CEO Jason Hundley, Chairman Mark Kaufman, CTO Max Vozoff, CRO Maureen Gannon, and General Counsel John Leary. X-Bow has additional presence in California, Alabama, Colorado, Texas, and Washington, DC. Earlier this year the company was selected for a $60M STRATFI Program with AFWERX and the U.S. Airforce, and it says the recent interim funding will help further fulfill its matching requirements for that program. The funding round underscores continuing defense-industry interest in low-cost hypersonics and additively manufactured energetics. No operating metrics or revenue figures were disclosed in the article. X-Bow Systems applies additive manufacturing techniques to the production of solid rocket energetics for the solid rocket motor and launch vehicle market. The company is designing and building a suite of modular solid rocket motors and small launch vehicles for orbital and suborbital launch services. Led by CEO Jason Hundley and a management team including chairman Mark Kaufman and CTO Max Vozoff, X-Bow has a presence in Albuquerque, New Mexico and additional locations in California, Alabama, Colorado, Texas, and Washington, D.C. It closed a $27M Series A to accelerate customer support, grow the team, and invest in next-generation product offerings. The company said the round closed ahead of a planned static fire test of its 32-inch "Ballesta" solid rocket motor and a subsequent launch at White Sands Missile Range. X-Bow positions itself as a modern technology competitor bringing additive manufacturing innovation to a sector long dominated by legacy systems integrators.

Participated · Series A · Jun 2021

Circulor provides an enterprise software platform that creates a reliable chain of custody for materials and attaches greenhouse gas (GHG) emissions and other ESG data directly to material flows. The platform helps customers demonstrate responsible sourcing, monitor inherited emissions from their supply chains, and underpin circular-economy initiatives. Circulor positions itself to make complex supply chains more transparent to help prevent exploitation of people and the planet. The company is headquartered in the UK and reports a global footprint across Germany, the U.S., Singapore, and Australia. In June 2022 Circulor raised $25 million in a Series B to support growth. The new funds will be used to expand its global footprint with a particular focus on the North American market. Circulor offers an enterprise software platform that creates a digital identity for commodities and tracks supply-chain data and embedded carbon using blockchain, business logic and machine learning. The platform provides full visibility across complex supply chains to support responsible sourcing, analyse emissions and improve sustainability. It has established commercial traction in the electric-vehicle industry and is used to trace materials such as cobalt, mica and lithium, and is expanding to nickel, copper, plastics and leather. Circulor is also deployed in circular-economy solutions, including remanufacturing of automotive parts, and helps customers meet upcoming EU Battery Passport requirements. Notable customers include Volvo Cars, Polestar, BHP, LG Energy Solutions and Vulcan Energy Resources. The company plans to extend its presence in North America and Asia and continue product innovation to accelerate impact and revenue growth.

Participated · Series B · Feb 2021

Founded in 2013 (originally as Isotropic Systems Ltd), ALL.SPACE specialises in multi-orbit satellite communications terminals that can connect simultaneously to multiple satellite constellations and cellular networks. Its flagship multi-link terminal underpins a broader strategy to deliver resilient, converged communications for commercial and defence customers on land and at sea. Leveraging this platform, the company is developing an alternative Position, Navigation and Timing (Alt-PNT) capability that uses ambient ‘signals of opportunity’ to provide accurate location data when GNSS signals are jammed or spoofed. The Alt-PNT functionality will be embedded in the company’s terminals and offered via a Software-as-a-Service model. ALL.SPACE has completed development programmes with the European Space Agency (ESA), the UK Ministry of Defence and the U.S. Department of Defense, and has secured multiple commercial and military contracts, although no revenue or user numbers were disclosed. This new navigation initiative extends the firm’s portfolio and supports its goal of delivering sovereign, secure communications and navigation solutions worldwide.

Led · Series B · Feb 2020

Accion Systems builds tiled ionic-liquid electrospray (TILE) propulsion systems that use an ionic liquid propellant and electrospray emitters to generate thrust. The TILE design produces small, postage-stamp-sized thruster tiles that are modular and scalable from CubeSats to larger spacecraft. The company is developing a fourth-generation TILE system that increases emitter density nearly tenfold to deliver more thrust in the same area. Accion plans to ship its first fourth-gen thruster systems in mid to late summer 2022 and will scale manufacturing to support those deliveries. The company was founded in 2014 by Natalya Bailey and Louis Perna and manufactures and assembles its products at a facility in Charlestown, Massachusetts. TILE hardware has already flown on commercial spacecraft from Astra Digital and NanoAvionics on SpaceX’s Transporter-2 launch. Accion Systems develops the TILE (Tiled Ionic Liquid Electrospray) propulsion system, using postage-stamp-size ion electrospray thrusters and a non-toxic ionic liquid propellant to bring electric propulsion to small satellites. The TILE system is designed to increase satellite lifespan, maneuverability, station-keeping and de-orbiting capabilities while being smaller, lighter and more cost-effective than traditional ion engines. The company was spun out of MIT in 2014 and is based in Boston, MA; founders are Natalya Bailey and Louis Perna, with Bailey serving as CEO. Accion has multiple launches scheduled in 2020, including collaborations with the Irvine CubeSat STEM Program and MIT’s BeaverCube educational mission. It was selected as one of 14 companies in NASA’s Tipping Point partnership and received $3.9 million to work with JPL to replace cold gas propulsion on MarCO CubeSat replicas, with that project slated to launch in summer 2021. The company plans to ramp up production of its next-generation product and expand hiring. Accion Systems develops a tiled ionic liquid electrospray (TILE) propulsion system that can be scaled from postage‑stamp size upward. The company has tested TILE in terrestrial facilities and in space, though it has not yet flown on operational missions. Two student‑engineered cubesats equipped with TILE thrusters are scheduled to launch on RocketLab's 'It's Business Time' commercial payload in early November, and the IRVINE 02 cubesat carrying TILEs is slated to fly on a Falcon 9 resupply mission. Accion said the new funding will be used for research, operations, and staff expenses. Founder and CEO Natalya Bailey recently presented the technology at Disrupt. The company's last major fundraise was a $7.5 million round in 2016. Accion Systems commercialized a miniature electrospray ion engine developed at MIT that is small enough to include on small satellites and can be arrayed to scale for larger spacecraft. Each engine is about the size of a penny and generates thrust by accelerating charged particles at high speeds. The company says its patented design offers a longer operational lifetime than competitor Busek’s equivalent electrospray product. Accion has signed three initial partners—one government and two commercial—with first deliveries slated for 2017. Financially, the company previously raised $2.0 million in seed funding and secured $6.5 million through Department of Defense partnerships. With new capital, Accion plans to transition from engineering and product development into full production, grow the team, and build an operational foundation to start delivering orders. Accion Systems develops advanced electric propulsion systems for small satellites. The company is led by CEO and founder Natalya Brikner and is based in Cambridge, MA. Over the past year it began taking pre-orders for its first product, which is in development and slated to launch later in 2015. The startup raised seed funding to support product development and sales and to continue R&D into next‑generation materials and manufacturing techniques. Funds will also be used to hire engineers, materials scientists, and a sales and business development hire. No operating metrics were disclosed in the article.

Participated · Series B · Aug 2018

Digital Alloys is a Burlington, Mass.-based developer of Joule Printing, a high-speed metal additive manufacturing process that uses wire feedstock and high deposition rates to print the hardest metal parts. The company announced two U.S. patents for its Joule Printing technology. Initial applications cited in the article include production of conformally cooled tools for the automotive and consumer products industries and delivery of high-quality titanium parts for the aerospace industry. The company is led by CEO Duncan McCallum. Digital Alloys raised $12.9M in a Series B financing led by G20 Ventures with participation from Boeing HorizonX Ventures, Lincoln Electric and prior investor Khosla Ventures. Digital Alloys develops high-speed, multi-metal additive manufacturing systems that print production-quality parts in almost any metal. Its platform can mix multiple metals within a single solid part, enabling new thermal, electrical, magnetic and mechanical property combinations. The company was formed in January 2017 as a spinout from the NVLabs division of New Valence Robotics (NVBOTS). Duncan McCallum serves as CEO. Digital Alloys intends to use its recent financing to launch its first products. The article does not disclose operating metrics beyond the fundraise.