Unastella, a Korean space launch vehicle development startup, has closed a 33.5 billion won Series B funding round, the company said Wednesday.
The round was led by Altos Ventures, with participation from the Korea Development Bank, Strong Ventures, KDB Capital, Woori Venture Partners, Samho Green Investment, and Hana Ventures. The startup's cumulative funding now totals 61.5 billion won.
Founded in February 2022, Unastella is developing the "Una Express" series of small launch vehicles powered by electric motor pump cycle engines. On May 28 last year, the company successfully conducted a test launch of its small rocket "Una Express 1" from a launch site in Goheung, South Jeolla Province. It was the first instance of a private company independently launching a domestically developed rocket from Korean territory.
The mission carried microgravity testing equipment from five research institutions, including the Korea Aerospace Research Institute and the Korea Institute of Machinery and Materials. It also marked the first actual launch application of the Korea AeroSpace Administration's "Space Pioneer" program.
The new funding will be used for engine and next-generation launch vehicle development, recruitment of key talent, and expansion of testing, manufacturing, and launch infrastructure.
"Through this Series B round, we have laid the groundwork to take the company to the next level," said Park Jae-hong, CEO of Unastella. "We will prove that a private-sector-led space industry is possible in Korea and build a sustainable launch vehicle business connecting satellite launches to crewed spaceflight."
