Stellar Solutions‘ venture capital arm plans to invest in early-stage space technology companies after closing a new fund that has fetched $23 million in capital.
SV Andromeda Fund will back startups who are aiming to bring products to the government and commercial space markets, Stellar Ventures said Thursday.
“We are standing at the precipice of exponential growth in the space industry, similar to the Internet in the late 1990s,” said Celeste Ford, managing director of Stellar Ventures.
She added that her company is interested in helping build entrepreneurs who seek and pursue business opportunities within the sector.
Ford created Stellar Ventures with Matt Patterson and David Anderman, who respectively serve as the firm’s managing director and operating partner.
A report by Morgan Stanley forecasts the global space industry to generate more than $1 trillion in revenue by 2040.