Source: CNBC
Summary
Perigee Aerospace, a Seoul-based rocket startup, has secured $80 million in funding to develop its own launch vehicles and engines. The company aims to provide satellite launch services and compete with established players in the industry. Perigee’s funding round was led by investors including DS Asset Management and Kiwoom Investment. The startup plans to use the funds to develop its launch technology and expand its team.
Our Reading
The launch follows a familiar script.
Perigee Aerospace joins the crowded field of private rocket companies. Their launch vehicles and engines are still in development. The company promises to disrupt the satellite launch market. Because that hasn’t been tried before. Perigee’s $80 million funding round is just the beginning of its journey to become a major player in the industry. Another rocket startup, another promise to change the game.
Author: Evan Null
Rebranding the Familiar
Perigee Aerospace’s announcement is just another example of how the tech industry loves to rebrand the same ideas and call it progress. We’ve seen this story before with countless other rocket startups. The difference this time? Maybe. Possibly. Hopefully?
The Money Game
$80 million is a significant amount of funding, but it’s just a drop in the bucket compared to the billions invested in other rocket companies. Perigee will need to do more than just promise disruption to stand out in the crowded field.
Launch Vehicles and Engines
Perigee’s focus on developing its own launch vehicles and engines is…not new. Many other companies have done the same. What sets Perigee apart? We’ll have to wait and see.
Competing with the Big Players
Perigee aims to compete with established players in the industry. Good luck with that. The company will need to bring something truly innovative to the table to stand a chance.
The Usual Promises
Perigee promises to disrupt the satellite launch market. Because that’s exactly what the industry needs. Another company making the same promises.
