First Spark Ventures has led a $25 million oversubscribed funding round in Xona Space Systems, a specialist in navigation technologies from Low Earth Orbit (LEO), bringing total funding to over $25 million.
Numerous new investors including Lockheed Martin Ventures, SRI Ventures (of SRI International), Velvet Sea Ventures, Gaingels, Airstream Venture Partners, and Space.VC, also participated in the round. Existing investors also continue to show firm conviction in Xona’s accomplishments and market opportunity with participation from Seraphim Space, Toyota Ventures, 1517 Fund, MaC Venture Capital, and Stellar Ventures.
Xona is focused on the development of Pulsar – a Low Earth Orbit (LEO) satellite navigation system designed to provide resilient and trusted centimetre-level position anywhere on the globe. Within the past year Xona more than doubled its full-time headcount, launched its first orbital mission, and signed agreements with major players across the GPS/GNSS ecosystem such as Hexagon | NovAtel and Spirent Federal.
The new capital will accelerate the development of Pulsar through several critical design milestones by expanding the team and building out Xona’s new R&D and manufacturing facility in Burlingame, CA to enable more rapid design cycles and prepare for production. Xona’s first demonstration mission, Huginn, was successfully launched in May 2022, and their second mission, Muninn, is planned to launch in 2023.