Orbit Fab raises $3M to make orbital refueling easier, cheaper and more accessible
Orbit Fab, one of the companies competing in this year’s TechCrunch Disrupt Battlefield in San Francisco this week, has closed a seed round of $3 million. The funding comes from Type 1 Ventures, TechStars and others, and will help Orbit Fab continue to build on the great momentum it has already bootstrapped with its space-based robotic refueling technology.
You might remember the name Orbit Fab from a milestone accomplishment the young company achieved earlier this year: Becoming the first startup to supply water to the International Space Station, itself an achievement but also a key demonstration of the viability of its technology for use in orbital satellite refueling. Refueling satellites could have tremendous impact on the commercial satellite business, extending the operating life of expensive satellites considerably, which translates to better margins and more profitable businesses.
Thanks to co-founders Daniel Faber and Jeremy Schiel’s connections in the space industry, from more than 15 years working in space technology businesses in a leadership capacity, the company was able to demonstrate its technology working in space less than a year after Orbit Fab was actually founded. Faber, Orbit Fab’s CEO, and Schiel, the startup’s CMO, met when both were working at
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