Quantum Space to Begin Expansion of QuantumNet with $15 Million Investment

Quantum Space to Begin Expansion of QuantumNet with $15 Million Investment

Quantum Space announced that it has received a $15 million investment from Prime Movers Lab, a U.S.-based venture capital firm. The investment enables Quantum to begin the expansion of QuantumNet, a cornerstone project aimed to provide data products and digital services for customers from cislunar space. Quantum plans to close the Series A round of funding by the end of 2022.  

QuantumNet will consist of a fleet of space vehicles known as “Scouts” positioned in cislunar space, the area around the Earth extending out to just beyond the Moon's orbit. Each Scout will deliver multiple services including space domain awareness; space weather forecasting; positioning, navigation, and timing; communications; and significant onboard compute capabilities for artificial intelligence and machine learning (AI/ML). By 2032, more than 40 Scout vehicles will make up points, or “nodes,” at strategic locations within cislunar space to create QuantumNet. 

The $15 million investment allows Quantum to move forward with plans to launch the QS-1 mission in October 2024, which will launch the first Scout into cislunar space. Following that mission, the company will launch Scouts regularly to build out QuantumNet. 

Additionally, Quantum will use the capital to initiate the development of additional Scout spacecraft at significant cost savings once the QS-1 design is complete. Other uses for the funding from Prime Movers Labs include developing Quantum’s new state-of-the-art Integration & Test facilities and Mission Operations Center, as well as advancing the company’s data platform and software for customers.

“Quantum Space’s incredible mission is to enable the space superhighway through the development, deployment, and operations of critical infrastructure beginning in cislunar space,” said Kam Ghaffarian, Quantum Space co-founder and executive chairman. “We are excited to have Prime Movers join us as we advance humanity’s journey to the stars. This will lay the groundwork to expand human presence into the solar system and beyond.” 

 “Kam is a visionary entrepreneur who we’ve wanted to partner with again since investing in some of his previous endeavors,” said Prime Movers Lab Partner Anton Brevde. “Today’s space industry is dominated by services for Earth and the satellites that closely orbit it. However, this is starting to change as humanity expands its activities to the Moon and beyond. We believe Quantum Space will play a critical role in establishing the infrastructure to support humankind’s expansion beyond Earth.”

“This investment by Prime Movers Lab allows us to take QuantumNet from a concept to reality and solidify our future position as a leading provider of space-based infrastructure, data, and services,” said Steve Jurczyk, president, and CEO, of Quantum Space. “Once completely built out over the next decade, QuantumNet is destined to transform the way spacecraft travel between the Earth and the Moon.”

Quantum will soon announce additional mission partners, including launch services and commercial ground station providers for the company’s first mission to cislunar space in October 2024.

Click here to learn about QuantumNet from Quantum Space.


Publisher: SatNow
Tags:-  LaunchGround