Satellite Buses at Scale for the Space Economy: Our Investment in Apex Space
Space continues to be the host to a variety of exciting emerging technologies and business models, with space companies receiving $286 billion in investment since 2015. Approximately 86% of that investment has gone towards satellite technologies. McKinsey predicts that the number of satellites in orbit will grow significantly to 27,000 satellites in a base-case scenario by the end of 2030, and depending on demand, the number could exceed more than 65,000.
With the costs for launching into space decreasing over time, and the volume of satellites needing to go into space increasing, a new opportunity is being unlocked: manufacturing space satellites at scale. This is why we are thrilled to announce Toyota Ventures’ investment in Apex.
Based in Los Angeles, California, Apex was founded in 2022 to manufacture satellite buses — spacecraft platforms with critical space operations subsystems, such as flight computer, navigation, power, de-orbit capabilities, and more. Apex offers a platform to manufacture standard satellite bus models from 100 kilograms (kg) to 500kg at scale. These satellite buses provide power, propulsion, and communications systems for the satellite. The Apex founding team includes CEO Ian Cinnamon, who previously founded a company named Synapse Technology Corporation, which was acquired by Palantir, and chief technology officer Max Benassi, who has extensive experience from SpaceX. The team also has specific expertise in designing for manufacturing at scale.
Apex aims to reduce costs and cut lead times for satellites by delivering buses using the principles of standardization, production at scale, and rapid delivery. Apex’s first model is the Aries satellite bus, a 100kg spacecraft platform that can carry a payload and fuel mass of up to 150kg. Several other satellite bus products are in development, including Nova, which will carry a potential payload and fuel mass of up to 300kg, and Comet, which can carry a potential payload and fuel mass of up to 500kg. Buses can be customized based on mission requirements from a menu of different configurations.
“As the demand for new satellites continues to grow, Apex’s approach for manufacturing satellite buses at scale is both smart and timely. We’re excited to support the team as they play a pivotal role in the space economy and enable new satellite technologies to get to space faster.” –Chris Abshire, principal, Frontier Fund
On March 4, 2024, Apex launched the Aries SN1 spacecraft via SpaceX’s Transporter-10 rideshare mission. It took approximately one year from a clean-sheet design of Aries to manufacture and launch it. After Aries SN1 was in space, Apex successfully contacted and operated it, and was later able to use the camera that was part of its payload to take a “selfie” photo of Aries SN1 and the Earth in the background, as shown below.
The overall growth of the space economy is easing the way for Apex as it brings its platform to market. The company leased a 4,300-square-meter building in Los Angeles for its first manufacturing facility, with the initial target goal of producing 50 satellite buses a year.
Toyota Ventures is proud to support the Apex team by participating in the company’s $95 million Series B funding round. Chris Abshire, a principal on the Toyota Ventures Frontier Fund, drove our participation in the round, which was led by XYZ Ventures and CRV. Additional participating investors included Upfront, 8VC, Point72 Ventures, Mirae Asset Capital, Outsiders Fund, GSBackers, Andreessen Horowitz, and others.
To learn more about Apex, visit their website or the Toyota Ventures portfolio page.
