LaunchPoint closes second seed round
LaunchPoint Electric Propulsion Solutions, a Goleta company that makes electric engines and other components for the aerospace industry, has closed a fully subscribed second round of seed funding, the company announced Aug. 2.
LaunchPoint did not disclosed details of the funding round, including the amount raised and the major investors.
LaunchPoint was founded in 2018, and last year it unveiled its first advanced electric motor prototype, for a quadcopter drone. Its products are designed for drones, helicopters and jet aircraft and it has recently scored several contracts with top defense contractors, according to the news release announcing its latest funding round.
“The validation of our technology and additional funding allows us to hire key personnel and expand into larger facilities to support the multi-decade life cycle for our new programs,” CEO Rob Reali said in a statement.
LaunchPoint has shown consistent revenue growth and last year it was No. 15 on the Pacific Coast Business Times list of fastest-growing companies in the tri-county region, with revenue that more than doubled from 2018 to 2020.