Northwood Space intends to use the proceeds, alongside a new financial agreement with HSBC, to scale operations and accelerate hiring. Founded in 2022, the company manufactures antennas and software systems designed to optimize data transmission between orbital satellites and ground stations. The funding builds on rapid momentum from earlier this year, which included a nearly $50 million contract with the U.S. Space Force to upgrade the nation's satellite control network.
Key points
Northwood Space achieved a $2 billion valuation just two years after its founding in 2022.: Northwood Space achieved a $2 billion valuation just two years after its founding in 2022.
The company secured an additional financial agreement with HSBC to support operational sc…: The company secured an additional financial agreement with HSBC to support operational scaling alongside equity financing.
Former actress Bridgit Mendler leads the business as chief executive officer while advanc…: Former actress Bridgit Mendler leads the business as chief executive officer while advancing satellite communications infrastructure.
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Space infrastructure company Northwood Space on Monday said it had raised $375 million in a Series C round co-led by Andreessen Horowitz and DFJ Growth, valuing the company at $2 billion.
Founded in 2022, Northwood builds antennas, software and other technologies that help satellites communicate better with Earth. Bridgit Mendler, co-founder and former actress, serves as its CEO.
The company last raised a $100 million Series B in January, also co-led by Andreessen Horowitz, along with a nearly $50 million contract with the U.S. Space Force to upgrade the nation’s “satellite control network,” TechCrunch previously reported.
This latest round also includes a financial agreement with HSBC that, along with the funding, will be used to scale the company, hire and fulfill existing contracts, the startup said.
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