Phantom Space Corporation Pulls $5 Million Seed From Investors

By James White Sunday, April 18, 2021

The private space exploration business continues to accelerate as new competitors rise up and set their sights on the stars (or sometimes Mars). Whether it be a new rocketship company or budding space tourism business, the aerospace industry is observing near-constant growth from corporations large and small. Joining the fray in the privatized space business is startup company Phantom Space Corporation, which recently raised $5 million from investors eager to boost the business to new heights.

"We are proud of our contrarian approach to building rockets and other space transportation technology," said Jim Cantrell, CEO and co-founder of Phantom Space Corporation. "We want to be the Henry Ford of the space industry with mass production while others in this space are focused on vertically integrating their technology and supply chain. At Phantom, to achieve rapid time to market and enabling mass manufacturing, we are leveraging mature supply chains in addition to our own innovations.”

Chenel Capital led the latest funding for the startup space travel company. The New York-based private investment firm specializes in the aerospace, artificial intelligence (AI), and superconductor sectors. Chenel Capital previously invested in AI startup business Healthpointe Solutions before adding Phantom Space Corporation to its portfolio. The aerospace startup plans to use the new financing from investors to expand the existing team of industry experts at the business.

Phantom’s Daytona Rocket Render.

Blasting Into the Aerospace Industry

Founded by Cantrell as well as entrepreneurs Michael D'Angelo and Michal Prywata in 2020, Phantom Space Corporation strives to launch hundreds of small vehicles and satellites into space with mass production methodologies.

So far, Phantom Space Corporation boasts 46 successful spacecraft and satellite programs, as the startup aerospace company makes moves to secure more launch sites across the globe. Recently, the aerospace business acquired StratSpace, an Arizona-based space market forecasting and flight hardware company, to bolster its ranks.

According to Phantom Space Corporation, the aerospace company is currently working on an imaging satellite for a commercial customer that will be “deploying this imagery in support of United States Department of Defense core missions.” Additionally, the startup is preparing for the launch of its Daytona rocket, slated for flight sometime during Q1 2023. The Daytona design is capable of delivering a 450-kilogram payload to low Earth orbit at about $4 million per launch.

"Phantom Space is among the best-positioned space startups to democratize access to space," said Richard Chenel, founder and managing partner at Chenel Capital. "Phantom has seen strong demand from both government and commercial partners and we're thrilled with the opportunity to provide the lead in capital for this round that will support their growing pipeline of customers and launch sites.”

Racing Toward Democratized Space Travel

Market research projects the global space industry to reach a value of $558 billion by 2026 at a CAGR of 5.6%. The private space industry is rife with competition, from giants like Elon Musk’s SpaceX and Jeff Bezos’s Blue Origin to smaller startups like Rocket Lab and BluShift. Phantom Space Corporation seeks to find its role in the industry by mass-producing smaller spacecraft and satellites at affordable prices.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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