Boeing HorizonX Ventures has teamed up with Shasta Ventures to lead an $11 million Series B investment round for Accion Systems, a pioneer in developing miniaturized ion propulsion systems for satellites in space.
This isn’t the first time Boeing and Shasta have announced investments in Accion, which was spun out from the Massachusetts Institute of Technology in 2014. Shasta led a $7.5 million Series A round in 2016, and Boeing HorizonX led a $3 million venture round in 2018.
Accion says it has now amassed $36 million in total funding to date, including $14 million in Defense Department and NASA contracts. The new capital will be used to ramp up production capabilities as well as Accion’s workforce, the company said today in a news release.