Series A for Accion: Space Tech Startup Gets $7.5M
Accion Systems, a space-technology startup led by MIT graduates, has raised $7.5 million in Series A funding. The news was reported by TechCrunch. The lead investor is Shasta Ventures, with RRE Ventures, Founder Collective, and Slow Ventures also participating in the round, according to the report.
Accion had previously raised seed money from investors including TechU Angels.
The company has developed a miniature space propulsion system for small satellites. It may sound like a niche application, but small satellites are a multibillion-dollar annual market and growing. Whether a company with new technology can compete in that market remains to be seen. Accion says its propulsion system is more efficient and lower-cost than existing technologies.
Accion has been around since late 2012 (in concept at least) and has been garnering increasing interest from investors and customers over the past year. The company is led by Natalya Brikner (pictured) and Louis Perna, who met during their graduate work in the Space Propulsion Lab at MIT.
Brikner is slated to speak at an Xconomy conference in Boston on June 22.