# Magdrive

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/magdrive

- Industry: Aerospace
- Headquarters: Oxfordshire, UK
- Website: www.magdrive.space
- Total disclosed funding: $10M
- Latest round: Seed (Nov 29, 2024)
- Investors on record: 7

## About

Magdrive Limited, based in the UK, specializes in developing advanced electric plasma thrusters, providing innovative propulsion solutions tailored for space missions and next-generation spacecraft.Founded in 2019 in Oxfordshire, UK, Magdrive Limited focuses on creating high-performance electric plasma propulsion systems. The company has completed 3 deals and recently received EUR 9.5 million in GRANT funding from investors including UK Government Investments, UK Space Agency, and European Space Agency, bringing the total amount raised to EUR 9.9 million. The CEO and founder, Mark Stokes, has a background in aerospace innovation, although details of prior ventures are not available.Magdrive specializes in the development of advanced electric plasma thrusters, designed to deliver high-performance propulsion solutions for space missions. Their core products focus on reliable and storable electric propulsion systems, catering to the demands of next-generation spacecraft. These thrusters generate thrust through plasma technology, facilitating efficient maneuvering in diverse space environments. Magdrive serves a varied customer base, including government agencies, private aerospace firms, and research institutions engaged in space exploration and satellite deployment, primarily targeting markets in North America, Europe, and parts of Asia.Magdrive generates revenue through direct sales of its electric plasma thruster systems to aerospace sector clients. Their transaction structure involves B2B agreements with private space firms and government organizations, integrating propulsion solutions into their spacecraft. Additional revenue streams may arise from partnership agreements for joint research and development projects aimed at enhancing propulsion technology. While specific pricing details for the thrusters are not disclosed, the company's flagship products are aligned with the critical needs of high-stakes space missions, indicating a premium pricing strategy in line with their advanced technology and reliability.Magdrive plans to utilize the recent EUR 9.5 million GRANT funding to advance its high-thrust electric propulsion systems, build a manufacturing facility in the UK, and establish a US office to support the growing space economy. The company is focused on expanding into new geographic regions and markets, with specific strategies to enhance its presence in the global aerospace sector as it adapts to the increasing demand for innovative propulsion solutions.

## Funding rounds

- Seed, Nov 29, 2024, $10M — Founders Fund, Redalpine, Alumni Ventures Group, Entrepreneur First, 7percent Ventures, Outsized Ventures, Balerion Space Ventures

## Investors

- Founders Fund (https://capitalatlas.ai/funds/founders-fund) — Seed
- Redalpine (https://capitalatlas.ai/funds/redalpine) — Seed
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Seed
- Entrepreneur First (https://capitalatlas.ai/funds/entrepreneur-first) — Seed
- 7percent Ventures (https://capitalatlas.ai/funds/7percent-ventures) — Seed
- Outsized Ventures (https://capitalatlas.ai/funds/outsized-ventures) — Seed
- Balerion Space Ventures (https://capitalatlas.ai/funds/balerion-space-ventures) — Seed