Xona, a space company dedicated to advancing high-precision navigation capabilities through its constellation of small satellites, revealed today the successful closure of an oversubscribed $19 million Series A funding round.
Future Ventures and Seraphim Space led the investment, with notable participation from new investors including NGP Capital, Industrious Ventures, Murata Electronics, Space Capital, and Aloniq.
This substantial injection of capital will fuel Xona’s ambitious plans to expedite the deployment of its low Earth orbit (LEO) satellite network, hoping to mark a pivotal step forward in its pursuit of commercialization.
At the forefront of this initiative is the imminent launch of Xona’s innovative PULSAR™ satellite service, poised to deliver robust precision guidance capabilities crucial for the proliferation of intelligent and autonomous technologies beyond highly structured environments.
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A revolution for guidance and navigation
Brian Manning, CEO and Co-Founder of Xona, reflected on the significance of this moment, “A century ago, people looked to the North Star for trusted guidance when other methods were unavailable. AI and automation are the future – our PULSAR™ service aims to be for these industries what the North Star was for humanity in previous centuries.”
On the other hand, Xona’s planned constellation will be a new alternative to conventional GPS systems. Rob Desborough, General Partner at Seraphim Space, reflected on this aspect.
“After half a century of use, our dependence on GPS is absolute. Outages could cause incalculable damage to the global economy, while enhancement opens up whole new industries. Waiting for GPS to fail, or for hostile powers to spoof it, is not an option for our security or commercial industries,” he remarked.
“Xona and the pioneering team are executing on building the GPS the modern era needs and we’re delighted to continue to support their transformative vision,” he added.
In contrast to GPS, the company’s PULSAR service represents a paradigm shift in satellite navigation, boasting advancements in accuracy, availability, and security, according to the company. Those aspects are essential for the proliferation of autonomous systems and the safeguarding of critical national infrastructure.
Industries ranging from agriculture to automotive and defense stand to benefit immensely from the company’s new technology, which empowers devices Xona’s PULSAR™ enables these devices to transcend current constraints, accurately determining location “within centimeters”, even in unfamiliar terrain.
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A notable name among the investors
One of the recognized names among the investors is Steve Jurvetson, Co-Founder and managing partner at Future Ventures.
Jurvetson was an early investor in SpaceX, providing crucial financial support to the company during its formative years. His belief in SpaceX’s vision led him to join the company’s board of directors, where he stayed until 2018.
“Xona is building a powerful, precise and protected platform for global geolocation services,” Jurvetson said. “Much like Starlink was for communications links, Xona’s LEO constellation of satellites can provide a more robust and powerful solution than current systems operating in higher orbits, while preserving compatibility with end user equipment.”
Xona’s team, comprising navigation and space experts from leading organizations such as SpaceX, Ford, NASA, and Blue Origin, has made significant strides in satellite development, user equipment integration, and commercialization. Notably, the company has already forged strategic partnerships with prominent entities including the US Space Force and Spirent.
“This round is a testament to our team’s ability to overcome challenges, and has armed us with the resources we need to bring our vision to life,” Manning remarked.
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