US-based hypersonics systems provider X-Bow Systems announced the close of an interim funding round led by Lockheed Martin Ventures, the venture arm of defence prime Lockheed Martin, in a boost to its solid motor rocket technology.
In a mid-November release by X-Bow Systems, it was stated that investors included, Crosslink Capital, Razor’s Edge Ventures, Balerion Spacen Ventures, Bravo Victor Venture Capital, and Capital Factory.
The interim funding round fulfils X-Bow’s matching requirements for its $60m STRATFI Program with AFWERX and the US Air Force, selected earlier this year, the company stated. The STRATFI, or Strategic Funding Increase, programme is focused on large-scale, strategic capabilities.
“This interim investment in X-Bow is part of Lockheed Martin’s strategy to add anti-fragility in the solid rocket motor industrial base by enabling new technology and affordability in this sector, not only for our products but for the US industrial base as a whole,” said Chris Moran, vice president at Lockheed Martin Ventures.
“X-Bow will apply these funds to its solid rocket motor technology and to completing the phase I build out of its ‘gigafactory’ style solid rocket motor campus,” said Jason Hundley
X-Bow CEO Jason Hundley said that the company would apply the funds to its solid rocket motor technology and the completion of the phase one build out of its rocket technology campus.
US investing heavily into hypersonic technologies
Hypersonic technology development has continued in the background of the defence industrial base for decades, as countries attempt to bring down costs and increase viability as deployable capability. Hypersonic systems, generally associated directly or indirectly with missiles and other munitions, are platforms travelling in excess of Mach 5, up to around Mach 25.
The engine performance at such speeds requires a different combustion method, with ramjet and scramjet both being developed by world powers.
According to GlobalData’s thematic intelligence analysis into hypersonic technologies, the US is planning to spend an average of over $2bn per year through 2024 on developing hypersonic systems for the Air Force, US Army, and US Navy.
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