Durango aerospace company Agile Space Industries announced last week that it raised $17 million during its most recent Series A venture capital funding round – $2 million more than its initial goal.
“Strong investor demand” drove an oversubscribed round, Agile said in a news release – meaning investors wanted to invest more money than the company planned to accept. More than 70% of the capital was reportedly committed by existing Agile investors.
“Building on a solid foundation in industry-leading chemical propulsion test facilities and advanced metal additive manufacturing, Agile meets the urgent demand for faster products and services,” Chris Pearson, CEO of Agile Space Industries, said in the release. “This raise allows us to scale operations and widen our offerings at a time where meeting chemical propulsion is a national imperative.”
The round was led by Caruso Ventures and Howdy Partners, with participation from Lockheed Martin Ventures, Veteran Ventures, Denver Ventures and Cortado Ventures, according to the release.
Howdy Partners was the company’s first venture capital investor in 2019, according to an email from Agile CEO Chris Pearson. Caruso Ventures first invested in 2022, along with Lockheed Martin Ventures and Veteran Ventures, he said.
Series A is an early stage venture capital funding round – typically one of seven total rounds. It is generally the first significant round from venture capital firms.
Other rounds include pre-seed, seed and Series B and C, which follow Series A.
Funding rounds focus on growing a company in stages, and the amount raised generally increases as a company advances through each round.
Most companies typically bring in between $2 million and $15 million in an average Series A investment round.
Agile, which was founded in Durango by Daudi Barnes in 2009, specializes in the design, manufacture and testing of advanced rocket engines and “supports commercial, civil, and national security missions with reliable, high-performance propulsion systems,” according to the company.
Agile expanded its operations at Durango-La Plata County Airport in August, citing a need for more space to accommodate the fast-growing company.
Agile has leased space at the airport at 1334 Airport Road for testing purposes since 2013, but last year’s expansion allowed the company to move into a second, adjacent building at 820 Airport Road, just north of the airport terminal. The expansion increased Agile’s footprint at the airport to a total of 40,000 square feet.
Company revenue over the last three years has more than tripled, according to Pearson, increasing from roughly $8 million in 2022 to $28 million in 2026. The company has grown more than 70% annually since 2020, according to Agile’s website.
Pearson said in an email to The Durango Herald that the raise will provide growth capital to accelerate expansion of product offerings and manufacturing and testing capacity, with expansion mainly taking place in Colorado and Oklahoma.
“Deployment of the Series A funds will allow us to scale from 2-3 engine developments to 6+ per year and scale our tank and engine delivery capacity by almost an order of magnitude” he said.
Leaders with Lockheed Martin Ventures and Caruso Ventures both voiced their support for Agile in the release.
“In-space mobility is a mission-critical capability across national security, civil, and commercial architectures,” Chris Moran, vice president and general manager of Lockheed Martin Ventures said. “Its importance to Lockheed Martin is driven by the operational needs of our customers. Agile has proven to be a reliable, high-value propulsion supplier, and we are pleased to provide growth capital to expand their capacity and strengthen the industrial base supporting these vital missions.”
epond@durangoherald.com
