South Korean startup Unastella closed a $24 million Series B investment round, bringing its total funding to $44 million. The company is developing its own launch vehicles and engines with an initial focus on small satellite launch services.
Unastella's near-term goal is to validate its technology and business model through orbital launches, while its long-term objective is to achieve crewed suborbital spaceflight. The startup uses a kerosene and liquid oxygen propulsion system, similar to SpaceX's Falcon series, but with an electric motor pump instead of a traditional turbo pump.
The electric motor pump is heavier, reducing payload capacity, but Unastella's CEO Jae Park says the company prioritizes getting to market quickly over building the most impressive rocket. The startup has already launched its Una Express-I rocket from South Korean soil and is targeting another launch, UNA EXPRESS-II, for next year.
South Korea's commercial launch sector is heating up, with multiple startups vying for a share of the global space launch market, projected to reach $41 billion by 2030. Unastella is not alone in this effort, with other South Korean startups like Innospace and Perigee Aerospace also competing, as well as companies from China, Japan, Australia, and New Zealand.
