A St. Petersburg data company focusing on the space industry has closed an oversubscribed seed round for more than $5 million.
Lonestar Data Co. announced the raise on Monday, which was led by Austin-based Scout Ventures. Seldor Capital, 2 Future Holding, The Veteran Fund, Irongate Capital, Atypical Ventures and KittyHawk Ventures also all participated.
“We believe that expanding the world’s economy to encompass the moon, which happens to be the Earth’s most stable satellite, is the next whitespace in the new space economy,” said Brad Harrison, Scout Ventures’ founder and managing partner, in a statement. Harrison previously served on Lonestar’s board of directors before the investment. “Data security and storage will be a necessary part of leading the new generation of lunar exploration.”
CEO Chris Stott told Tampa Bay Inno the company was initially seeking a $5 million seed round, which became “significantly” oversubscribed for an undisclosed amount.
Lonestar is set to launch a data center on the moon in Q2 of this year, with its second launch slated for the end of the year. The latest funding will help the company’s third launch, set for 2025.
It will also go toward hiring — the company has six employees, four of those local. Stott hopes by this time next year, he will have a team of roughly 20.
“The workforce here is tremendous; it’s why we built our office and our team here,” Stott said. “We’ve been very fortunate — every time we’ve put something out, it’s instantly met with incredibly qualified candidates.”
He added he expects to close a Series A by the end of the year for an undisclosed amount.
After living in Houston for over two decades, Stott landed in St. Pete, near where he grew up vacationing in the Sarasota area. While the Space Coast may seem the more obvious choice for a space tech startup, Stott believes Tampa Bay is the perfect fit.
“As I started to look at the startup community in St. Pete, it was great,” Stott said, adding the local school system played a role in his decision. “Space Florida is great, but when you’re putting something together for what we’re doing, this place was ideal.”
Lonestar is one of 21 companies in St. Pete Innovation District’s Maritime and Defense Technology Hub, which opened in May 2022. Lonestar will hold its official opening on Wednesday in the space.
“We could not do our work in Florida if the hub wasn’t there, flat out,” he said. “We would have had to leave the state. It’s crucial what they’re providing in space and maritime resources. ... Just as much happens in Clearwater, St. Pete and Tampa as it happens in Cocoa Beach; it’s just more visible there.”
