Precious Payload raises $1.2m from Tim Draper and Mubadala to help entrepreneurs start space companies
Precious Payload, a US space-tech startup that makes planning and execution of satellite missions easier by taking care of the paperwork, mission, and supply chain management, announced today that it has completed a $1.2 m round of Seed financing led by Silicon Valley venture capitalist Tim Draper.
“We made a conscious decision to fund a fully remote startup doing business above the borders, above the politics, and above the trade wars mid-pandemic. We, like Precious Payload, believe space unifies humanity. It’s the place where people collaborate without earthly limits,” said Tim Draper.
This investment will enable Precious Payload to start rolling out software services that reduce the time and money needed to launch a tech demo or a pathfinder satellite mission. Simplifying launch procurement and mission management by running it on Precious Payload service saves up to 35% in costs and up to 70% in time a company spends on managing a satellite project. This enables emerging satellite operators to focus on closing a business case and developing their core technology, rather than getting stuck in lengthy paperwork and legal complexity of the industry.
“Space industry is currently a place for dreamers and patient, passion-driven founders. Our mission is to bring space domain to non-space entrepreneurs, SMEs, and traditional enterprises,” Precious Payload CEO and co-founder Andrew Maximov said. “The next decade will bring humanity all the basic infrastructure it needs to create a sustainable space-based economy. It is time to build an easy-to-use software platform to leverage this infrastructure and enable future entrepreneurs to start space companies from their dorm room.”
In late 2019, Precious Payload graduated from the US Gothams Hub71 aerospace acceleration program in Abu Dhabi. This led them to open a regional headquarters in the UAE and to secure funding from Mubadala Ventures, one of the most active investors in advanced technology. Other participants in the round also include Neo Ventures, a European fund investing in frontier technologies, Atypical Ventures, an early-stage VC firm in New York, and Eric Bielke, an angel investor.