More than five years after its founding, Renton, Wash.-based Radian Aerospace is emerging from stealth mode and reporting a $27.5 million seed funding round to support its plans to build an orbital space plane.
The round was led by Boston-based Fine Structure Ventures, with additional funding from EXOR, The Venture Collective, Helios Capital, SpaceFund, Gaingels, The Private Shares Fund, Explorer 1 Fund, Type One Ventures and other investors.
Radian has previously brought in pre-seed investments, but the newly announced funding should accelerate its progress.
One of the company’s investors and strategic advisers, former Lockheed Martin executive Doug Greenlaw, said Radian was going after the “Holy Grail” of space access with a fully reusable system that would provide for single-stage-to-orbit (SSTO) launches.
It’ll take much more than $27.5 million to grab the grail: In the late 1990s, NASA spent nearly a billion dollars on Lockheed Martin’s X-33 single-stage-to-orbit concept before the project was canceled in 2001. But Radian’s executives argue that technological advances have now brought the SSTO vision within reach.