Veteran Ventures Capital Announces Strategic Investment in Turion Space, Expanding New Space Technology Portfolio

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Dec 02, 2024, 13:13 ET

MCLEAN, Va., Dec. 2, 2024 /PRNewswire/ -- Veteran Ventures Capital (VVC), a venture capital firm investing in dual-use national security technology businesses led by veteran entrepreneurs and leaders, today announced a strategic investment in Turion Space (Turion). Turion is at the forefront of solving two of space's most pressing capability gaps: space domain awareness and non-earth imaging, both critical to maintaining space operations and expanding in-space mobility. Turion solves this through their first-of-its-kind Droid micro-satellites, equipped with advanced sensors to improve space situational awareness and mitigate debris at a fraction of the cost of its competitors. The Droid.001 is currently operational with flight heritage, capturing non-earth images for government and commercial clients. These satellites, in 2024 alone, will have accomplished over 100 imaging missions. The capital raised in this round will be used to expand Turion's satellite fleet as they prepare to launch their Droid.002, a larger satellite with enhanced imaging capabilities, and the further development of autonomous docking and maneuvering systems that can deorbit defunct satellites and perform in-orbit repairs and inspections.

Turion's DROID.002 satellite build completed in November 2024. Another critical step in building the foundation of their orbital infrastructure.

Turion's engineering team proudly standing beside their DROID.002 satellite ahead of launch vehicle integration.

Veteran Ventures Capital invested in Turion's recently closed and oversubscribed Series A funding round. Turion has raised nearly $20 million in venture capital to date. Its veteran-led team, growing to over 70 employees, including former engineers from SpaceX and other aerospace leaders, is leveraging decades of experience to tackle space's most pressing challenges.

Turion's technologies have gained significant traction across national security customers, including a recently awarded $15 million Strategic Financing Increase (STRATFI) program contract from the U.S. Space Force's SpaceWERX, U.S. Space Force's innovation arm, in addition to securing a $1.9 million Tactical Funding Increase (TACFI) program contract from SpaceWERX to develop systems capable of engaging uncooperative space objects. Their Droid.001 satellite, launched in June 2023, is a 32-kilogram spacecraft designed to improve space situational awareness, with its data now integrated into the U.S. Space Force's Unified Data Library. Turion is developing a range of satellites that will perform critical satellite services, including the micro-Droid, set for a demonstration in 2026, which will be equipped with grapplers to capture space debris. Co-funded by NASA, this spacecraft is an essential step toward Turion's vision of mitigating space debris and ensuring safe satellite operations for its customers.

"Turion Space is developing the google earth for space observation and situational awareness. The capabilities they are building for national security and commercial customers represent the kind of high-impact, dual-use technologies that aligns perfectly with VVC's mission," said Derren Burrell, Managing Partner of Veteran Ventures Capital. "Their work in advanced space domain awareness, through a specialization in non-earth imaging, addresses a growing concern for both national security and commercial operators. Their technologies have the potential to transform how we manage space safety, particularly with space becoming more of a contested warfighting domain, making this a critical addition to our portfolio."

With plans to produce 45 satellites annually by 2027, including the upcoming launch of their Droid Alpha satellite in early 2025, Turion is poised for rapid growth. Their enhanced mobility satellites offer advanced in-orbit capabilities for non-earth imaging, satellite servicing, and debris removal. These developments place Turion at the forefront of the emerging satellite non-earth imaging and servicing markets, projected to grow substantially in the coming years as space becomes increasingly crowded.

"We are excited to partner with Veteran Ventures Capital, precisely because their team and advisors have significant expertise in new space technology and the national security opportunities surrounding it," said Ryan Westerdahl, Co-founder and CEO of Turion Space. "With their investment, we will further enhance our capabilities and provide innovative solutions for non-earth imaging, space debris removal, and satellite servicing, addressing a critical need for both government and commercial operators."

About Veteran Ventures Capital
Veteran Ventures Capital invests in dual-use national security technologies, focusing on companies led by veteran entrepreneurs and leaders. Committed to advancing U.S. technological superiority, Veteran Ventures Capital provides capital, mentorship, and strategic guidance to high-growth companies serving critical government and commercial markets. VVC's portfolio includes leading companies in defense, aerospace, cybersecurity, and other sectors essential to national security.

About Turion Space
Turion Space is a leader in non-earth imaging, space debris removal, and satellite servicing solutions. The company develops autonomous spacecraft designed to provide high resolution space domain awareness capabilities, deorbit defunct satellites, perform in-orbit inspections, and repair essential assets. Based in Irvine, California, Turion Space is committed to making space safer and more sustainable through advanced technologies that support the future of space exploration and national security.

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SOURCE Veteran Ventures Capital