Bestigo Aerospace closed a seed funding round with a $375,000 investment from Manhattan West — NASA offers Manhattan West investments on a one-to-one basis. Small Business Innovative Research Phase II-Extended (SBIR Phase II-E) Contract.
The NASA SBIR Phase II-E award, which matches the seed funding, will allow Vestigo Aerospace to establish a commercial manufacturing process for drag sails for Vestigo’s product line, which is currently in development. Drag sails are designed to enable timely deorbits of spacecraft, including cubesats, smallsats, and rocket upper stages. The first sale is scheduled for 2023.
Vestigo drag sails offer standardized mechanical and electrical interfaces to the host vehicle, allowing for easy integration. The drag sail can be deployed via command or backup timers and provides reliable deorbit capability even when the host vehicle is not operating.
Spinnaker drag sails are sized to allow the host vehicle to meet regulatory guidelines for deorbit periods. Current, US Federal Communications Commission Mandatory deorbit from LEO within 25 years of mission termination. The FCC offers streamlined licensing, saving over $440,000 in application fees for commercial small satellites that can be deorbited within six years of launch. The FCC plans to vote on September 29, 2022, which could mandate a five-year deorbit requirement for all satellites.
Prior to the seed round, Vestigo Aerospace funded drag sale technology development. NASA SBIR Phase I and Phase II Contractsand an Indiana-based matching fund elevate venturesThe company licenses drag sail technology Purdue Research Foundation of Office Technology CommercializationThe company is a client of the Purdue Foundry, an entrepreneurship and commercialization hub whose experts help Purdue innovators create startups.
“The Spinnaker product line of drag sails addresses the growing need for reliable end-of-mission de-orbit capability to maintain sustainability in low-Earth orbit.,” Said David Spencer, founder and CEO of Vestigo Aerospace. “A bolt-on drag sail is one of the “prevention measures” against the orbital debris problem.”
Lorenzo EsparzaFounder and CEO of Manhattan West, said:Manhattan West invests aggressively in emerging markets and disruptive sectors and is committed to identifying long-term secular changes underway in the market. We are excited that our strategic investment in Vestigo will support his Vestigo development as it establishes its reputation as a major player in the deorbit systems and space industry.”
Founded in 2019, Vestigo Aerospace has quickly become an industry leader in drag sail technology. Vestigo is committed to preserving the space environment and practical orbit through deorbiting SmallSats and CubeSats. For more information, visit vestigoaerospace.com.
Manhattan West is a global strategic investment firm based in Los Angeles that specializes in proprietary alternative investments across multiple asset classes, including private equity, venture capital, real estate, private debt, traditional equity and fixed income portfolios. and financial services, including business management. taxes and planning. For more information about our company, please visit manhattanwest.com.
The Purdue Research Foundation supports Purdue University’s land grant mission by helping the university improve the world through its technology and alumni. Founded in 1930, PRF is a private, non-profit foundation. The foundation supports the patenting and commercialization of Purdue technology. We build places that encourage innovation, invention, investment, commercialization and entrepreneurship. It also allows students to use equity to fund their Purdue education. For more information on licensing Purdue innovations, please contact the Office of Technology Commercialization (otcip@prf.org). For more information on Purdue innovation-based startup involvement and investment opportunities, please contact the Purdue Foundry at foundry@prf.org.
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