Field of View (FOV) - January 2024

Approach Venture’s Field of View (or “FOV”) is a monthly newsletter providing space industry participants with key insights, trends, updates and analysis to stay informed. Field of View is produced alongside space industry experts, founders, startup operators as well as commercial and government decision makers.

Approach Venture was formed to enable founding teams building the future of frontier technology to achieve their full potential. Today, Approach supports space companies ranging from stealth to publicly-traded as well as investors looking to participate in their growth potential. Connect with Approach to learn more.

This month’s Field of View is presented by Heliux.

Founded by former Relativity Space Head of Supply Chain, Alex Craig, Heliux is on a mission to build an all-in-one enterprise operating system for engineering and manufacturing.

If you’re looking to centralize cross-functional hardware operations and data onto a single system of record, Heliux plans to replace legacy PDM/PLM, ERP and MES. To give Heliux a spin, Book a Demo.

Emerging Trends

As access to space increases and launch costs decrease, space companies are entering the market with missions and product roadmaps catered towards their visions of the ideal buildout of in-space infrastructure. Below contains this month’s emerging trends to keep an eye on as the space economy evolves.

Renewed Interest in Solid Rocket Motors

Manufacturing solid rocket motors (SRMs) at scale has emerged as a major opportunity to support government requirements to replenish FIM-92 Stinger, FGM-148 Javelin and Guided Multiple Launch Rocket Systems (GMLRS) stockpiles while overcoming legacy supply chain issues. The below examples illustrate recently-renewed interest in SRMs for defense applications:

• Ursa Major Technologies unveiled Lynx, a technology that leverages a novel 3D printing process to rapidly produce multiple high performance SRMs simultaneously

• Anduril acquired Adranos, an Indiana-based team specializing in manufacturing SRMs as well as a proprietary low-cost aluminum-lithium alloy solid rocket fuel called ALITEC that is claimed to produce up to a 40% range increase

• Castelion emerged from stealth, focusing on designing, testing and manufacturing next generation tactical weapon systems, with high production rate SRMs at the core

• AFWERX selected Firehawk Aerospace for a SBIR Phase I award focused on the continued development of their SRMs and Hybrid Rocket Engines. The Firehawk team also recently secured a SBIR Phase III contract from Army Applications Laboratory (AAL)

Digital Transformation of Space Programs

There is a concerted effort across the US Air Force / Space Force to implement digital solutions to modernize legacy infrastructure and increase the resiliency and agility of new platforms in the digital age.

SpaceWERX’s Digital Spaceport Challenge is one example of US Space Force partnering with commercial industry to infuse modern computing solutions into outdated architectures, like launch ranges. Additionally, the Space Development Agency is infusing digital solutions into their new programs to deliver software-defined architectures that can be iterated over time.

The push for digital solutions will improve the readiness and operational efficiencies of the entire Department of the Air Force and leaves the door open for non-traditional contractors to participate and test out their solutions. Approach is recognizing an uptick in software providers opening their apertures from terrestrial applications to space.

Stealth Spotlight 🔦

Rocket-powered testing, particularly in the hypersonic realm, continues to capture global attention due to its infrequency and high costs. However, sending objects into orbit is becoming more cost-effective than launching payloads on parabolic trajectories into the exosphere. Headquartered in the Midwest, Stealth Company wants to transform rocket-powered testing from a headline event back into a routine practice.

The Company's immediate objective is to showcase their flexible trajectory launch vehicle, capable of executing both zero-gravity and hypersonic trajectories. Looking ahead, Stealth Company envisions bringing the flexibility, affordability, and regular launch cadence, currently exclusive to orbital missions, to a broader range of critical technology and national security markets within the sub-orbital sector.

Stealth Company plans to raise in Q3 2024. Potential investors, Connect with Approach to learn more and meet the founding team.

Once Featured, Now Emerged 🚀

Featured in November’s FOV, Starbound Solutions has emerged from stealth and plans to close a pre-seed round Q1 2024 with Uses of Funds to deliver their MVP by Q3 2024. Starbound has already gained noteworthy interest from commercial satellite companies.

Starbound’s CEO, Shaun Kenyon, previously held positions at Spire Global, Hiber and Gilmour Space.

Space Sector Trading Comps

Brought to you by one of the space industry’s leading investment banking teams located in New York City, Deutsche Bank.

Regulatory Rundown

Our rapid-growth space economy is gaining more visibility across the globe. Regulatory Rundown covers select space policies, evolving legislation updates, licensing requirements and top stories involving regulatory bodies.

In our November 2023 newsletter, we discussed H.R. 6131, better known as the Commercial Space Act of 2023, a draft bill that would introduce significant reforms to the licensing processes for US commercial space activities. Another noteworthy change set forth in the bill is the extension of the Department of Commerce’s Office of Space Commerce (OSC) regulatory authority over objects that are manufactured or assembled in space.

For example, high-quality optical fibers manufactured onboard a spacecraft for later use in applications on Earth would now fall under the OSC’s jurisdiction. Similarly, the OSC would also be able to regulate the in-space manufacturing of oversized jointless truss structures to be used in robotically assembled orbital platforms.

Excluded from the OSC’s newly proposed purview are space objects manufactured inside a spacecraft that are never intended to be used outside the spacecraft in which they were manufactured, such as 3D printed spare parts. The bill’s language also excludes from regulatory oversight “an article manufactured or processed in outer space that is a material,” which is an important exemption for resource extraction missions like asteroid mining or harvesting water from lunar regolith.

This month’s Field of View is presented by Fusion Fund.

Fusion Fund is an early-stage, deep-tech investor supporting entrepreneurs who build disruptive technology to drive systemic changes. Specializing in Pre-Seed, Seed, and Series A investments across the United States and Canada, Fusion Fund leverages its expertise in technical and data advantages to back early-stage startups.

With a team of former technical operators who have successfully built and exited companies, Fusion Fund offers deep insights and valuable private and public connections, aiding startups in navigating the challenges of technology entrepreneurship.

Connect with Approach for a warm introduction.

Force Multiplier

A commonly referenced term within the DoD, a force multiplier is a tool, strategy or person that, when added to or employed by a team, significantly increases mission success and team potential. Each month, you’ll find select force multipliers enabling space companies to level up as they look to scale.

Orbital Outpost X Onboards Negar Feher as CEO

With ample experience across Prime and new space businesses (including Lockheed Martin, Maxar, Momentus and SpaceRyde), Negar joins Orbital Outpost X (OOX) as CEO. She is both knowledgeable about the gaps that exist within in-space infrastructure and can effectively lead a team to execute on an exciting mission. Look to hear more exciting announcements from the OOX team very soon…

Independent Review Board to Get TraCCS on Track

On January 24, NOAA’s Office of Space Commerce announced its newly established Independent Review Board (IRB) to support the Traffic Coordination System for Space (TraCSS) program across technical and programmatic areas including some of the top minds in space program management and space situational awareness (SSA). All of which are serving on a voluntary basis to ensure TraCCS’ effectiveness. TraCSS was developed to provide basic SSA data and services to civil and private space operators and to support spaceflight safety, space sustainability, and international coordination.

The IRB is stacked with SMEs including Lt Gen (USAF RET) Susan Helms (chair), Maj Gen (USAF RET) Kim Crider, Dr. Terry Alfriend, Dr. T.S. Kelso, Col (USAF RET) David Madden and Col (USAF RET) Charlie McGillis.

General Stephen Whiting Has the Helm of USSPACECOM

Succeeding Army General James Dickinson, General Stephen Whiting (now 4-star) was sworn in as Commander of USSPACECOM at Peterson Space Force Base in Colorado. At a time when the DoD is pushing to launch many national security focused satellites, General Whiting joins amidst a restructuring of its presentation of forces to combatant commands

Additional promotion and change of command within SPACECOM and Space Operations Command in January:

• Lt General David Miller’s promotion to 3-star

• Space Operations Command change of command from (then) Lt Gen Whiting to Lt General Miller

Tracked Opportunities

Approach Venture is tracking many active federal solicitations for funding space and defense capabilities. Below is an illustrative list of opportunities on our radar that you should also be tracking.

• U.S. Army xTech Program is now accepting concept white papers for the xTechInternational competition

  • xTechInternational competition is a forum for eligible international small to medium businesses and international academic and research institutions to pitch novel technology solutions directly to the U.S. Department of Defense with a focus on the following topics: AI for Intelligence and Decision-Making Applications, Quantum Sensing and Materials and Indigenous Forward Materials

• Director’s Innovation Initiative (DII) invests across the US in frontier technologies and high payoff concepts relevant to the NRO’s missions for national security. This annual program releases announcements and requests in search of innovative ideas that support NRO. DII is accepting proposals from March 11 - May 13, 2024

  • Areas of interest include but are not limited to: apertures, communications, remote sensing, satellite system design and sense-making

• NASA released their 2024 SBIR and STTR Phase I topics that solicit the early development of innovative aerospace technologies. Topics span space exploration and aviation across propulsion, avionics, robotics, lunar exploration systems, space sensors, and more

• DoD SBIR 2024.1, 2024.A, and 2024.D specific topics are open to fund the maturation of critical technologies for defense agencies including the USAF, USSF, MDA, SOCOM, and Navy

• AFWERX Open Topic SBIR/STTR Phase I will open February 7 for one month. These Phase Is solicit technology solutions that solve a defined Air Force use case

• SpaceWERX Alternative Positioning, Navigation, & Timing (AltPNT) and Digital Spaceport of the Future Challenge(s) close on February 7

To identify and receive proposal support for opportunities tied to advancing your respective roadmap, Connect with Approach.

Founder Tip

Continuous tracking of business development progress is crucial (government, civil and commercial) to remain organized, recognize trends across industry partners / customers to inform your product suite and to streamline discussions with and diligence by potential investors.

Connect with Approach for a Business Development Tracker if you don’t already have a CRM in place.

Did You Know?

Approach Venture has a proposal writing & capture management vertical? If your team is looking to strengthen proposal submissions and increase PWin %, Connect with Approach’s proposal writing expert who previously led BD and proposal efforts across three separate new space companies for an intake call.