"Space Startup Orbit Fab Secures $28.5M for On-Orbit Refueling and High-Volume Satellite Production"
Orbit Fab has raised $28.5 million in a Series A funding round led by 8090 Industries, with participation from Lockheed Martin Ventures and others, to accelerate work on its first missions to provide satellite refueling services. The Colorado-based startup will also ramp up production of its RAFTI port for spacecraft, which is designed to enable on-orbit refueling. Orbit Fab has secured contracts worth $21 million for three missions to demonstrate proximity operations and to refuel spacecraft. The company plans to hire 25 more employees with the new funding and become the industrial gas supplier in orbit.