K2 Space, a Startup Founded by SpaceX Veterans, Secures $50 Million Funding for Development of Large Satellites

Los Angeles-based startup K2 Space has secured $50 million in funding to develop large satellites that can match the size of the massive rockets entering the market. Founded by SpaceX veterans Karan Kunjur and Neel Kunjur, K2 Space plans to launch its first satellite on a demonstration mission later this year. The recent funding round was led by tech investor Brad Gerstner’s Altimeter Capital and joined by Alpine Space Ventures, bringing the company’s total funding to $58.5 million. K2 Space’s Mega class satellite bus is designed to fit in heavy and super heavy rockets such as SpaceX’s Falcon 9 and Falcon Heavy, and United Launch Alliance’s Vulcan. The company offers its Mega satellites for $15 million each and claims they can support up to one ton of payload mass. K2’s upcoming demonstration mission aims to prove the effectiveness of its Mega design to potential customers. The company has also won $6.5 million in Department of Defense contracts over the past eight months. K2 currently operates from a 15,000 square foot facility in Torrance, California, but plans to expand to a 150,000 square foot facility later this year and increase its workforce to over 50 employees. The additional funding will be used to support mass production of satellites and meet customer demand.