Sydney startup MP Space has raised $23 million in Seed funding to manufacture spacecraft power systems in Australia.
The round was led by Blackbird, supported by Systemiq Capital, Speedinvest and MFV Partners, with London VC Seraphim Space making its first Australian investment.
Former Tesla engineers Jay Manley and Sam Paterson, founded MP Space in early 2024 to build a hardware and software platform that generates, stores and manages power in space.
The funding will go towards manufacturing capacity, a broader range of power systems and growth in its Australian engineering team.
Manley, the CEO, said its tech has been selected for space services and missions involving more than 500 spacecraft. The hardware is scheduled to fly in orbit for the first time later this year.
Increased possibilities
He said spacecraft needed more power as their capabilities increased.
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“Our thesis is simple: the next generation of spacecraft will need a lot more power, and the space industry needs better ways to generate, store and manage it,” he said.
“We’ve seen enormous advances in power electronics, software and energy storage through electric vehicles, grid-scale energy and home batteries. MP Space is bringing that same advanced technology to spacecraft power systems, designed from the outset to be manufactured reliably and at scale.”
Manley spent eight years in Tesla’s powertrain and energy engineering teams, including work on Powerwall 2 and 3, before relocating to Sydney in 2021.
Paterson, the chief commercial officer, worked on several generations of Tesla’s Model S, X and 3 battery packs. He also held technical program management roles at Apple, autonomous vehicle company Zoox and Sydney cultivated meat startup Vow.
MP Space founders Sam Paterson and Jay Manley
Blackbird partner Samantha Wong said the pair have gone from solar racecar clubs at uni to industry-leading capability in scalable battery system design.
“In less than two years, MP Space has already delivered a software-defined battery, with one of the highest gravimetric energy densities of any space battery, and will gain flight heritage this month. They are moving with speed and precision in a market that has explosive potential,” she said.
“As space unlocks more use cases, MP Space is well-placed to seize the opportunity with an indisputable hardware advantage and deep software capabilities. It’s an Aussie business redefining the global standard. These are the types of businesses we are proud to back.”
Independent suppliers
Seraphim Space vice president Lucas Bishop said more power would support capable payloads, greater onboard processing and more ambitious missions.
“Separately, the industry lacks proven, independent suppliers capable of delivering critical hardware reliably and at scale. This has made vertical integration a necessity rather than a choice for spacecraft manufacturers,” he said.
“By replacing bespoke, high-cost and low-volume systems with reliable, cost-effective and off-the-shelf power hardware, MP Space can help reverse this historical over-reliance on vertical integration.”
MP Space is based at the NSW government-backed Defence and Aerospace Hub at Cicada Innovations, formerly the National Space Industry Hub. It presented at Cicada x Tech23 in September.
Manley said the next 12 months would focus on expanding manufacturing, growing the team and delivering systems for spacecraft and constellations.
“This raise reflects the customer demand we’re already seeing and gives us the capital to accelerate,” he said.