Rocket motor company X-Bow Systems Inc. is gaining momentum with an announcement of a $27 million Series A funding round.
X-Bow, based in Albuquerque, has technology for creating solid rocket motors with a printer. Rocket motors use solid propellants, which makes them different from engines, which use liquid propellants.
Crosslink Capital and Razor's Edge Ventures co-led X-Bow's Series A round while Broom Ventures and Lockheed Martin Ventures also participated, according to X-Bow. The news comes about one month after the company emerged from stealth, revealing its intent to expand in New Mexico.
The financing will be used for customer service, headcount growth and investing in new products.
Back in March, co-founder and chief revenue officer Maureen Gannon said the company may hire 20 or more people "in the next few quarters in Albuquerque." She was unable to be reached by phone on Tuesday.
"There's other companies out there that 3D print rockets and rocket parts. That's not new, that's not novel. What's new and novel is being able to take an energetic and 3D print it," Gannon previously told Business First. "That's really the secret sauce here."
X-Bow was initially based in Huntsville, Alabama, but it came to New Mexico in 2019. A Cooperative Research and Development Award helped to kickstart the company, which has already built a presence throughout New Mexico. It's opened at least five facilities between Albuquerque and Socorro which span research and development, lab, warehouse, manufacturing and office space.
"Raising a strong round with these high caliber investors allows us to increase our rapid growth and accelerate our plans to disrupt a critical industry," X-Bow CEO and cofounder Jason Hundley said in a statement. Hundley cofounded the startup alongside Gannon, chief technology officer Max Kozoff, chief financial officer Yasmin Seyal and senior VP Mark Kaufman.
Prior to its Series A, X-Bow registered a $2.4 million seed round. And in addition to Crosslink, Razor's Edge, Broom and Lockheed, Albuquerque's ABQid Fund and the Ingenuity Venture Fund also invested in X-Bow.
