The financing round will secure the roadmap to the company's first orbital launch from Sutherland.
"Orbex is an impressive UK company which is developing a strongly differentiated and innovative launch solution for the rapidly-growing small satellite market. In Europe, they are a recognized leader with an experienced team, substantial institutional support, a growing customer list and patented technology. The private space sector remains a key future industry for both Scottish and UK governments and we’re very excited to be backing one of the most compelling examples of this evolving sector,"
The funding round was led by Tarsadia Investments with participation from automotive leaders including Hyundai Mobis, General Motors Ventures, SAIC Capital, and Van Tuyl Companies.
"Enhanced in-car experience is the next automotive revolution that goes hand in hand with electrification and the development of autonomous vehicles. Our technology is class leading and is extremely well placed to meet current and future requirements."
Turquoise International backed the electric vehicle software developer through its Low Carbon Innovation Fund 2.
"Spark’s technology addresses an important barrier to EV adoption, for passenger cars as well as buses and trucks. With EVs likely to make up 30% of global car sales by 2025, accurate range prediction is essential. This investment is consistent with LCIF2’s remit to support innovative, low-carbon technologies in the UK."
The funding round was led by NorthInvest angel investor Gary Shuckford alongside private backers.
"Mina shows great potential, it has a strong team uniquely positioned to fill a real need in the market. I’m proud to back such an ambitious team which will support the seamless transition to electric vehicles and a more sustainable future."
