SAN FRANCISCO – Benchmark House Techniques raised $33 million in a Sequence B investment spherical.
With the cash raised, Benchmark plans to shift its focal point from propulsion gadget analysis and building to production and trying out.
Information of the funding spherical got here at the heels of layoffs through the Burlington, Vermont-based startup.
“The fundraising procedure started months in the past and is indirectly associated with our staff realignment, which not too long ago ended in a couple of 15 % relief of our staff of 118 folks,” Benchmark CEO Ryan McDevitt advised SpaceNews through e-mail. “We’ve been strategizing about find out how to best possible scale to effectively execute on our subsequent section of building in tandem with the fundraising procedure, and consider we’re rather well located to satisfy the present and long run wishes and calls for of industrial and govt.”
Benchmark has grown impulsively prior to now couple of years due partially to its acquisition of Alameda Implemented Science Corp.’s electrical propulsion applied sciences. After obtaining the electrical propulsion generation, Benchmark expanded its product line to incorporate chemical, electrical and hybrid propulsion techniques.
“The investment supplies the capital we wish to ship on a rising collection of govt and business contracts coming in for a variety of non-toxic chemical, electrical and hybrid propulsion techniques,” McDevitt stated. “Benchmark is instantly transitioning from analysis and building to a powerful focal point on manufacturing.”
As Benchmark consumers amplify satellite tv for pc manufacturing, Benchmark “is scaling up our meeting and trying out functions,” McDevitt stated. “Our subtle technique and capital elevate will permit Benchmark to raised cope with and meet the evolving calls for and inventions required for a success business and govt missions set to release over the close to time period 12 to 24 months and longer-term tasks all through the following 3 to 5 years.”