Spacecraft manufacturing company Apex on Wednesday announced that it clinched its Series B funding round after securing $95 million from investors. This significant funding will be used to help the Los Angeles-based company ramp up production to meet growing customer demand.

Apex's Vision for Rapid Space Advancement

Apex, known for making productized satellite buses, is focused on helping customers advance space capabilities quickly. According to a statement, satellite buses are essential for spacecraft mobility, communication, and power, with customers attaching their own sensors and radios to these buses to fulfill their missions.

By creating a standardized bus, Apex aims to eliminate the need for highly customized satellite buses for each spacecraft. This approach helps customers reach space faster and more efficiently.

"The West cannot achieve the capabilities we need in space at the necessary scale and speed without a productized approach to powering and supporting satellites," said Apex CEO and founder Ian Cinnamon. "This new funding will help us both expand our family of productized satellite buses and produce them at industry-leading scale. Today's aerospace and defense industries are hungry for solutions they can deploy in mass, and we're here and ready to meet their needs."

Apex Clinches $95M Series B Funding Round : Unprecedented Investor Support

Apex highlighted that the fundraise represents an "unprecedented convergence" of blue-chip institutional investors. The round was led by XYZ Venture Capital, an early investor in Apex, and co-led by CRV. New investors such as Upfront, 8VC, Toyota Ventures, Point72 Ventures, Mirae Asset Capital, Outsiders Fund, and GSBackers joined the round alongside existing investors Andreessen Horowitz, Shield Capital, J2 Ventures, Ravelin, angels Baiju Bhatt (co-founder of Robinhood), and Avalon Capital Group (private investment company founded by Ted Waitt, co-founder of Gateway Inc.).

"At XYZ, we're constantly looking at the trends shaping defense, public sector, and aerospace needs, and it was clear to us that Apex was set up to serve truly momentous demand," said Ross Fubini, managing partner of XYZ Venture Capital. "Without the satellite-building capabilities Apex brings to the market, it would be impossible for this country to stay ahead of its security and commercial space goals."

Expansion and Future Plans

The funding comes as Apex, which has multiple direct contracts with the U.S. Department of Defense, prepares to open a new factory. This facility will further enhance the company’s ability to ramp up production, meeting the increasing demand from both commercial and defense sectors.

Legal counsel information for the firm advising Apex was not immediately available Wednesday.