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3 VCs discuss space junk and what else they’re betting on right now
Space may be the final frontier, but in terms of investment, VCs are just getting started. With that in mind during TC Sessions: Space 2020 last week, we spoke to three investors who’ve been actively funding what could become tomorrow’s biggest companies to learn where they might focus next.
Sustainability is a major issue for all of their portfolio companies.
Our guests — Tess Hatch of Bessemer Venture Partners, who has long focused on the commercialization of space; Mike Collett of Promus Ventures, a venture firm that invests in deep tech software and hardware companies; and Chris Boshuizen of the venture firm DCVC and a cofounder of Planet Labs — had a lot of intriguing observations on topics, including the dangers of orbital debris, the merits of space manufacturing, and how they’d rate the U.S. government when it comes to fostering space-related innovations.
For those who missed the event, we’ve posted a video of our conversation below.
Space junk could affect long-term sustainability
Hatch, who recently co-authored an informative piece on the topic, said there’s little consensus about whether space junk is a critical matter that deserves more regulatory attention or an issue that will resolve itself through tech advancements, even while startups like Astroscale and D-Orbit are focused on the issue. The commercial industry’s expectation seems to be that space companies can regulate themselves and launch constellations without leaving pieces of launch vehicles or rocket stages in space, she said.
For her part, Hatch said it’s something to potentially invest in within a “handful of years.” At the moment, she added, “it’s not at the top of my list just due to looking for a shorter return on my investment for my LPs in the fund.”
Collett and the others stressed that in the meantime, sustainability is a major issue for all of their portfolio companies. “Everybody wants to do their job as a corporate citizen to make sure they’re not leaving anything else up there that doesn’t need to be there. Indeed, Boshuizen noted that at Planet Labs, best practices were taken very seriously.
Still, Boshuizen noted concerns about newer capital sources that might be less focused on the issue of space debris. “I don’t think everyone necessarily has the same space background,” he said, explaining that “we’re seeing a lot of outside investment from new people joining the industry, which is exciting, but also they don’t really know how important this is [and] it’s important for people to realize that they’ve got to pay attention to this.”
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The US wants startups to get a piece of the $16 billion spent on space tech
The U.S. government is one of the biggest spenders in the nascent space industry, and the man who handles the money for the Air Force’s $16 billion checkbook wants startups to know that his door is open for them.
In all, Will Roper, the Assistant Secretary of the Air Force for Acquisition, Technology and Logistics, handles about $60 billion worth of budget for the Air Force — a mandate that includes spending money on the new tech initiatives the Air Force deems important.
Historically, the Department of Defense hasn’t been the greatest at working with startups — and many tech companies have been loath to work with the DoD. However, since much of modern civilian infrastructure is based on global positioning systems and other satellite technologies that fall under the Defense Department’s purview, those views on cooperation are changing on both sides.
“Space isn’t a quiet domain of communication and navigation and exploration anymore,” Roper told the audience at TechCrunch’s latest Sessions event, TC Sessions: Space 2020. “It’s increasingly becoming a hostile place… So we’re gearing up a new kind of competition on the military side that could extend to space and that’s creating a lot of new space programs.”
Roper emphasized that the interest from the Air Force and the government more broadly extends well beyond offensive capabilities and military priorities. As space becomes an economic opportunity, Roper sees the Air Force as an engine for driving technology development forward in ways that have commercial benefits.
“It’s a great, great time for innovation in new technologies that could help the military, but we want to do more than just help the military. That’s the old thinking in the Pentagon. That’s all that would help us win the Cold War in the 20th Century, but it’s not going to help us in the 21st, where technology is globalized and accelerating,” Roper said.
“We want to find ways where our military mission and our funding can help accelerate commercial markets too, so it’s competing on a much bigger stage. But we think it’s where we need to aspire to be, so that we’re playing the right catalyst role in this nation and with our partners around the world,” Roper said.
There are several programs that startups can tap to get those federal dollars. Two of the easiest points of entry are through the AFWERX and its recently announced SpaceWERX arm focused entirely on space technology.
“These look like any tech company,” Roper told the audience at the TechCrunch event. “They’re outside our fence lines. They’re easy to walk into… Now you don’t have to know the mission, we will help you find the mission and the customer — the warfighter associated with it. It’s a great model because it keeps the company focused on what they know best, which is their tech.”
Over the last three years, Roper estimated that the AFWERX program had brought 2,300 companies into the Air Force and Space Force programs, and most of them had never worked with the military before, he said.
Within AFWERX there are three programs that particularly relate to integrating startups into the procurement process, Roper said. One is the Spark program, which pairs military with private industry; one is the AFVentures program, which is designed to finance new innovations coming from private industry; and finally there’s the Prime program, which helps commercialize and certify technologies.
Roper pointed to the recent certification the Air Force gave to Joby Aviation for its flying cars. “So there’s a new military market that will hopefully generate a new commercial market,” Roper said.
In 2021, the Prime program will expand to space technologies, according to Roper.
As the demand for new tech grows, there’s no shortage of innovations Roper would like to see from private industry. From new autonomous innovations that could help co-pilot spacecraft to technology for refueling and in-space maneuverability, and reusable equipment from boosters to other components that can bring costs down.
Roper also acknowledged that the Pentagon has a long way to go to “hack the acquisition system” when it comes to dual-use technologies.
Entrepreneurs have pointed out that one of the biggest obstacles to the growth of the commercial space industry has been the inability of the U.S. government to open up the technology for use by private industry.
Roper hopes to change that. “We want to use our military dollars, our mission, and potentially our certifications to help get you there without changing your core product,” he said. “If you succeed as a commercial success, then we succeed as well, because now we’ve got a great tech partner, that hopefully we can continue to come to to solve problems in future. The thing that we’ll want to understand early on is how our military market and all those benefits I just mentioned, how can they help you get to commercial success? And what is it that we not need to do to pull you off that trajectory?”
Contracts with AFWERX are fixed-price and progress as companies hit certain milestones on the product roadmap. These orders increase incrementally as the technology proves itself, so a contract could start with the delivery of a prototype, then experimental usage, then a commercial contract, then broad adoption. “What we’re looking to do is see if you can move the ball forward on your technology, and if you do, then we do another contract. We step you up our process,” Roper said.
Roper sees the project as nothing less than the evolution of the aerospace and defense industry.
“We have a lot of amazing companies today that helped build stealth bombers and space planes and all sorts of awesome stuff. They’re defense companies and we still need them,” Roper said. “What we’re hoping to help build in this century is a set of new companies that are just tech companies. They’re not defense, purely, and they’re not commercial purely. They’re just technology companies and they do a bit of business on both sides.”
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Launch startup Astra’s rocket reaches space
Rocket launch startup Astra has joined an elite group of companies that can say their vehicle has actually made it to orbital space — earlier than expected. The company’s Rocket 3.2 test rocket (yes, it’s a rocket called “Rocket”) passed the Karman line, the separation point 100 km (62 miles) up that most consider the barrier between Earth’s atmosphere and space, during a launch today from Kodiak, Alaska.
This is the second in this series of orbital flight tests by Astra; it flew its Rocket 3.1 test vehicle in September, but while that flight was successful by the company’s own definition, since it lifted off and provided a lot of data, it didn’t reach space or orbit. Both the 3.1 and 3.2 rockets are part of a planned three-launch series that Astra said would be designed to reach orbital altitudes by the end of the trio of attempts.
Astra is a small satellite launch startup that builds its rockets in California’s East Bay, at a factory it established there which is designed to ultimately produce its launchers in volume. Their model uses smaller craft than existing options like either SpaceX or Rocket Lab, but aims to provide responsive, short turnaround launch services at a relatively low cost — a bus to space rather than a hired limousine. They compete more directly with something like Virgin Orbit, which has yet to reach space with its launch craft.
The view from Astra’s Rocket 3.2 second stage from space.
This marks a tremendous win and milestone for Astra’s rocket program, made even more impressive by the relatively short turnaround between their rocket loss error in September, which the company determined was a result of a problem in its onboard guidance system. Correcting the mistake and getting back to an active, and successful launch, within three months, is a tremendous technical achievement, even in the best of times, and the company faced additional challenges because of COVID-19.
Astra was not expecting to make it as far as it did today — the startup has defined seven stages of reaching orbital flight for its development program; today it expected to achieve 1) count and liftoff; and 2) reaching Max Q, the point of maximum dynamic pressure undergone by a rocket in flight in Earth’s atmosphere. Third, they were looking to achieve nominal main-engine cutoff for first stage — and this is where they would’ve pegged success today, but the “rocket continued to perform,” according to CEO and founder Chris Kemp on a call following the launch.
Rocket 3.2 then performed a successful stage separation, and then the second stage passed through the Karman line, reaching outer space. After that, it went farther still, achieving a successful upper-stage ignition, and a nominal upper-stage engine shut off six minutes later. Even then, the rocket reached 390 km, which is its target orbital height, but then reached a velocity of 7.2 km per hours, just one half km/hour less than the 7.68 km required for orbital velocity.
Astra emphasized that the mix for the propellant for this stage is basically only to be nailed down while testing in situ in space, so they say this will just require some upper-stage propellant mixtures to achieve that extra velocity, and Kemp said they’re confident they can do that in the next couple of months, and start reliving payloads early next year. This won’t require any hardware or software changes, the company noted, just a tweak in the variables involved.
Image Credits: John Kraus for Astra (opens in a new window)
He added that this is a big win for the underlying theory behind Astra’s approach, which focuses on using significant amounts of automation in order to reduce costs.
“We’ve only been in business for about four years, and this team only has about 100 people today,” Kemp said. “This team was able to overcome tremendous challenges on the way to this success. We had a member of the team quarantining, and tested positive on the way to Kodiak, which meant they had to quarantine the entire team, and then sent an entire backup team to replace them.” This was possible because they only use five people on the launch team.
“We now are at a point where just five people can go up, and set up the entire launch site and rocket, and launch in just a couple of days,” Kemp said. The team is literally just five people — including labor, rocket unloading, setup and everything on-site — the rest is run remotely from mission control in California via the cloud.
Now they will do some tuning for Rocket 3.3, which is currently in California at the Astra factory, before soon attempting that final orbital test flight with a payload on board to deploy. After that, they intend to continue to iterate with each version of Rocket launched, focusing on reducing costs and improving performance through rapid evolution of the design and technology.
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Find out how startups like Skyroot and Bluefield are building new industries at TC Sessions: Space 2020
At our fast-approaching first TC Sessions: Space event, which is happening December 16-17, we’re going to be highlighting some of the most exciting startups and founders tackling big problems with innovative and groundbreaking solutions.
Some of those companies are focused on building tomorrow’s spacecraft, and others are working on in-space technologies that could become the next big anchor upon which countless other businesses are built.
Two of the companies joining us at TC Sessions: Space are Skyroot and Bluefield. Skyroot is India’s first private space launch startup, founded in 2018 with the goal of developing a low-cost and reliable launch vehicle to help democratize access of space.
More panels from TC Sessions: Space
Founder, CEO and CTO Pawan Kumar Chandana will join us to talk about building his new business, his experience developing rockets for the Indian Space Research Organization (ISRO) and how Skyroot’s Vikram-series launch vehicles plan to achieve the company’s ambitious goals.
Bluefield Technologies is focused on an entirely different, but potentially just as impactful opportunity: Observation, monitoring and analysis of methane emissions data on Earth. Their satellite-based methane observation technology offers a new high bar of precision and detail.
Bluefield founder and CEO Yotam Ariel will join us to talk about what becomes possible across a range of industries once you offer them the ability to track up to 90% of the Earth’s methane emissions with pinpoint accuracy, at costs that are up to 100% cheaper than existing solutions on up to a daily basis.
We’ll have conversations with Chandana, Ariel and others as part of our “Founders in Focus” series, just one small part of the all-star agenda at TC Sessions: Space. Tickets are still available at the Late Registration price, with discounts for students, government/military employees and groups, so grab yours below to attend this fully virtual event.
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Space startup Aevum debuts world’s first fully autonomous orbital rocket launching drone
Launching things to space doesn’t have to mean firing a large rocket vertically using massive amounts of rocket-fuel-powered thrust — startup Aevum breaks the mould in multiple ways, with an innovative launch vehicle design that combines uncrewed aircraft with horizontal take-off and landing capabilities, with a secondary stage that deploys at high altitude and can take small payloads the rest of the way to space.
Aevum’s model actually isn’t breaking much new ground in terms of its foundational technology, according to founder and CEO Jay Skylus, with whom I spoke prior to today’s official unveiling of the startup’s Ravn X launch vehicle. Skylus, who previously worked for a range of space industry household names and startups, including NASA, Boeing, Moon Express and Firefly, told me the startup has focused primarily on making the most of existing available technologies to create a mostly reusable, fully automated small payload orbital delivery system.
To his point, Ravn X doesn’t look too dissimilar from existing jet aircraft, and bears obvious resemblance to the Predator line of UAVs already in use for terrestrial uncrewed flight. The vehicle is 80 feet long, and has a 60-foot wingspan, with a total max weight of 55,000 lbs including payload. Seventy percent of the system is fully reusable today, and Skylus says the goal is to iterate on that to the point where 95% of the launch system will be reusable in the relatively near future.
Image Credits: Aevum
Ravn X’s delivery system is designed for rapid response delivery, and is able to get small satellites to orbit in as little as 180 minutes — with the capability of having it ready to fly and deliver another again fairly shortly after that. It uses traditional jet fuel, the same kind used on commercial airliners, and it can take off and land in “virtually any weather,” according to Skylus. It also takes off and lands on any one-mile stretch of traditional aircraft runway, meaning it can theoretically use just about any active airport in the world as a launch and landing site.
One of they key defining differences of Aevum relative to other space launch startups is that what they’re presenting isn’t theoretical, or in development — the Ravn X already has paying customers, including over $1 billion in U.S. government contracts. Its first mission is with the U.S. Space Force, the ASLON-45 small satellite launch mission (set for late 2021), and it also has a contract for 20 missions spanning nine years with the U.S. Air Force Space and Missile Systems Center. Deliveries of Aevum’s production launch vehicles to its customers have already begun, in fact, Skylus says.
The U.S. Department of Defense has for quite some time now been actively pursuing space launch options that provide it with responsive, short turnaround launch capabilities. That’s the same goal of companies like Astra, which was originally looking to win the DARPA challenge for such systems (since expired) with its Rocket small launcher. Aevum’s system has the added advantage of being essentially fully compatible with existing airfield infrastructure — and also of not requiring that human pilots be involved or at risk at all, as they are with the superficially similar launch model espoused by Virgin Orbit.
Aevum isn’t just providing the Ravn X launcher, either; its goal is to handle end-to-end logistics for launch services, including payload transportation and integration, which are parts of the process that Skylus says are often overlooked or underserved by existing launch providers, and that many companies creating payloads also don’t realize are costly, complicated and time-consuming parts of actually delivering a working small satellite to orbit. The startup also isn’t “re-inventing the wheel” when it comes to its integration services — Skylus says they’re working with a range of existing partners that all already have proven experience doing this work but haven’t previously had the motivation or the need to provide these kinds of services to the customers that Skylum sees coming online, both in the public and private sector.
The need isn’t for another SpaceX, Skylus says; rather, thanks to SpaceX, there’s a wealth of aerospace companies that previously worked almost exclusively with large government contracts and the one or two massive legacy rocket companies to put missions together. They’re now open to working with the greatly expanded market for orbital payloads, including small satellites that aim to provide cost-effective solutions in communications, environmental monitor, shipping and defense.
Aevum’s solution definitely sounds like it addresses a clear and present need, in a way that offers benefits in terms of risk profile, reusability, cost and flexibility. The company’s first active missions will obviously be watched closely, by potential customers and competitors alike.
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Find out how we’re working toward living and working in space at TC Sessions: Space 2020
The idea of people going to live and work in space, outside of the extremely unique case of the International Space Station, has long been the strict domain of science fiction. That’s changing fast, however, with public space agencies, private companies and the scientific community all looking at ways of making it safe for people to live and work in space for longer periods — and broadening accessibility of space to people who don’t necessarily have the training and discipline of dedicated astronauts.
At TC Sessions: Space on December 16 & 17, we’ll be talking to some of the people who want to make living and working in space a reality, and who are paving the way for the future of both commercial and scientific human space activity. Those efforts range from designing the systems people will need for staying safe and comfortable on long spaceflights, to ideating and developing the technologies needed for long-term stays on the surface of worlds that are far less hospitable to life than Earth, like the moon and Mars.
We’re thrilled to have Janet Kavandi from Sierra Nevada Corporation, Melodie Yashar from SEArch+, Nujoud Mercy from NASA and Axiom’s Amir Blachman joining us at TC Sessions: Space on December 16 &17 to chat about the future of human space exploration and commercial activity.
Janet Kavandi is executive vice president of Space Systems at the Sierra Nevada Corporation. She was selected as a NASA astronaut in 1994 as a member of the fifteenth class of U.S. astronauts. She completed three space flights in which she supported space station payload integration, capsule communications and robotics. She went on to serve as director of flight crew operations at NASA’s Johnson Space Center and then as director of NASA’s Glenn Research Center, where she directed cutting-edge research on aerospace and aeronautical propulsion, power and communication technologies. She retired from NASA in 2019 after 25 years of service.
More panels from TC Sessions: Space
Melodie Yashar is a design architect, technologist and researcher. She is co-founder of Space Exploration Architecture (SEArch+), a group developing human-supporting concepts for space exploration. SEArch+ won top prize in both of NASA’s design solicitations for a Mars habitat within the 3D-Printed Habitat Challenge. The success of the team’s work in NASA’s Centennial Challenge led to consultancy roles and collaborations with UTAS/Collins Aerospace, NASA Langley, ICON, NASA Marshall and others.
Nujoud Merancy is a systems engineer with extensive background in human spaceflight and spacecraft at NASA Johnson Space Center. She is currently the chief of the Exploration Mission Planning Office responsible for the team of engineers and analysts designing, developing and integrating NASA’s human spaceflight portfolio beyond low earth orbit. These missions include planning for the Orion Multi-Purpose Crew Vehicle, Space Launch System, Exploration Ground Systems, Gateway and Human Landing System.
Amir Blachman is chief business officer at Axiom, a pioneering company in the realm of commercializing space and building the first generation of private commercial space stations. He spent most of his career investing in and leading early-stage companies. Before joining Axiom as the company’s first employee, he managed a syndicate of 120 space investors in 11 countries. Through this syndicate, he funded lunar landers, communication networks, Earth-imaging satellites, antennae and exploration technologies.
In order to hear from these experts, you’ll need to pick up your ticket to TC Sessions: Space, which will also include video on demand for all sessions, which means you won’t have to miss a minute of expert insight, tips and trend spotting from the top founders, investors, technologists, government officials and military minds across public, private and defense sectors. There are even discounts for groups, students and military/government officials.
You’ll find panel discussions, interviews, fireside chats and interactive Q&As on a range of topics: mineral exploration, global mapping of the Earth from space, deep tech software, defense capabilities, 3D-printed rockets and the future of agriculture and food technology. Don’t miss the breakout sessions dedicated to accessing grant money. Explore the event agenda now and get a jump on organizing your schedule.
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Pioneers of in-space refueling and manufacturing join TC Sessions: Space 2020
One of the problems with putting a satellite in orbit is that once you do, it’s pretty much out of your hands. If anything goes wrong, or it runs out of fuel, that’s all she wrote. Fortunately there are companies that aim to change this, and three leaders in the field — Orbit Fab, Astroscale and Maxar — will be joining us at TC Sessions: Space in December.
Also at TC Sessions: Space
You may remember Orbit Fab from Disrupt’s Startup Battlefield around this time last year. CEO and co-founder Daniel Faber debuted its refueling interface, RAFTI, and showed how that and a network of “tanker” satellites could save companies hundreds of millions by keeping their spacecraft in orbit rather than sending up replacements.
Astroscale is embarking on a similar effort for satellites in geosynchronous orbits, which are even more expensive to replace. But the Japan-based company is also aiming at taking down the innumerable dead satellites and debris scattered throughout other orbits, and has raised huge sums to do so. Astroscale’s U.S. president, Ron Lopez, will join the panel to discuss the many potential approaches to improving sustainability in space.
Maxar is of course a well-known name in space operations, and we’ve had head of space robotics Lucy Condrakchian onstage at TC Sessions: Robotics. Her team is currently working on the ambitious Restore-L mission, which will demonstrate on-orbit refueling, manufacturing and assembly. Why build it down here if you can do it up there?
These three panelists will discuss the possibilities of this emerging industry and what it could mean for startups and established enterprises here on the ground. With costs of launch dropping, the cost of building and maintaining a major satellite becomes a greater issue — but tiny, cheap satellites are also beginning to proliferate.
How will the market evolve? Can proprietary but practical tech like RAFTI make a difference? How close are we to the first satellite built entirely in space? All this and more will be on the table for our panel next month.
Get an early-bird ticket for just $125 until this Friday, November 13. And we have discounts available for groups, students, active military/government employees and for early-stage space startup founders who want to pitch and give their startup some extra visibility.
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Why Florida residents may soon be seeing jet-powered ‘flying taxis’
Florida is renowned for its strange news stories. In recent weeks alone, one resident reported an alligator in her garage that turned out to be a pool floatie; another discovered a python in her washing machine; and a horse needed to be pulled out of a septic tank by firefighters.
Still, don’t dismiss Orlando residents who report seeing flying taxis overhead, because they may just be coming. Lilium Aviation, a five-year-old, Munich, Germany-based, venture-backed startup that designs and makes electric vertical take-off and landing jets, is reportedly seeking tax incentives from the city to build a 56,000-square-foot transportation hub with the promise that it will create 100 high-wage jobs in return.
According to the Orlando Business Sentinel, the proposed facility — a takeoff and landing area that would be part of Lilium’s first transportation network in the U.S. — would represent a $25 million investment and, according to the city’s own estimates, generate $1.7 million in economic impact in a 10-year period. (Lilium in September began separately exploring with Germany’s Düsseldorf Airport and Cologne Bonn Airport how to turn the two airports into regional air mobility hubs.)
It’s seemingly a smart time for Lilium — whose planes aren’t expected to be up and running until 2025 — to be talking with cities about additional airport revenue. Passenger traffic has fallen through the floor, owing to the pandemic, and cargo traffic has not been immune, either. Meanwhile, 95% of revenue from airports comes from aeronautical and non-aeronautical services.
Lilium also has a little more spending money after raising $35 million in fresh funding in June led by Baillie Gifford, the largest investor in Tesla — a round that brought the company’s total funding to date to $375 million.
Earlier investors in the company include Atomico, Tencent Holdings and Freigeist.
We sat down with Atomico founder Niklas Zennström in late 2016 when the firm had just led a €10 million Series A in Lilium. At the time, the bet seemed early, despite the existence of rivals like Terrafugia and AeroMobile, yet such vehicles may be an everyday reality sooner than imagined. Investors and founders seem to think so, at least. There are now at least 15 so-called flying cars and taxis in development.
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Rocket Lab will try to recover the booster of its Electron rocket for the first time on its next launch
Rocket Lab is set to complete a crucial test for its rocket reusability program during its next mission, which is currently set to take place sometime in mid-November, with a launch widow that opens on November 16. This is a bit of a surprise, because the launch company said that it would be doing this on its 17th flight, and the next launch is actually its 16th, but the company had a succinct answer for why it moved up the timetable.
I know we said flight 17 for recovery but… pic.twitter.com/N3HDdCwPFD
— Rocket Lab (@RocketLab) November 5, 2020
This isn’t the first test Rocket Lab has performed in pursuit of reusability — after announcing in August 2019 its intent to recover and refly the Electron booster, something Rocket Lab founder and CEO Peter Beck originally said wasn’t in the cards for the company, Rocket Lab has tested reentry guidance and control systems, as well as the parachute to be used to slow the booster’s descent once it’s back in Earth’s atmosphere.
In a video released today, Beck explained the reasoning behind even attempting to recover the boosters (essentially to increase the company’s rate of production by eliminating the need to build a new booster for every flight) and also the reasons why it wasn’t in the original plan (the Electron is too small to allow for an engine-powered boost back like the ones Falcon 9 and Blue Origin’s New Shepard uses).
But Beck and team realized they could use an unconventional approach that involves flipping the rocket around and angling it such that it survives reentry, paired with a drogue parachute deployment and primary parachute combo that slows it enough that a helicopter can catch it midair as it drifts. This recovery attempt won’t include that midflight snag, but will instead hopefully see the booster land itself gently enough on the ocean’s surface, slowed by the chute, allowing a recovery team to pick it up.
Beck says that the helicopter catch part is actually not his biggest concern, since the company has previously demonstrated that part of its approach works in practice. Instead, it’s ensuring that they’re just able to actually get the stage after it deploys its orbital cargo to begin with.
If Rocket Lab can recover this first stage, that will put it well-within striking distance of putting an operational recovery system in place, hopefully leading to less time between launches and potentially lower operational costs down the line.
No matter how the launch works out, we’ll get the chance to go over the attempt and next steps with Beck at our inaugural TC Sessions: Space event in December, where he’s joining us on our virtual stage for a fireside chat.
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Inside fintech startup Upstart’s IPO filing
While the world awaits the Airbnb IPO filing that could come as early as next week, Upstart dropped its own S-1 filing. The fintech startup facilitates loans between consumers and partner banks, an operation that attracted around $144 million in capital prior to its IPO.
First Round Capital, Khosla Ventures, Third Point Ventures, Rakuten and The Progressive Corporation led rounds in the startup, according to Crunchbase data.
There’s quite a lot to like in Upstart’s IPO filing, including rapidly advancing revenues and recent profitable period. However, the company’s revenue concentration could be a concern to some investors who recall what recently happened to Fastly shares after losing a large customer.
PitchBook data indicates that the company was last valued at $750 million thanks to its 2019 Series D worth $50 million. Can Upstart reach unicorn status with its IPO? Let’s peek at the numbers and try to answer the question.
Results, earnings
Upstart’s technology uses what it describes as artificial intelligence (AI) to approve consumer loans. It collects consumer demand for credit and connects that demand to bank partners who fund the loans. The company’s AI-powered credit tool can give consumers “higher approval rates [and] lower interest rates,” according to its S-1 filing, which offers banks “access to new customers, lower fraud and loss rates, and increased automation.”
If Upstart’s AI tool can, in fact, more intelligently determine consumer creditworthiness, everyone could come out a winner, with consumers paying less and banks adding to their loan books without taking on outsized risk.
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