Tucson-based Vector Space Systems Inc., a microsatellite launch company led by a founding member of Elon Musk‘s SpaceX, has raised $70 million in fresh capital.
The money, collected in a Series B round of funding, will be used to expand its sales and marketing teams, build a rocket manufacturing facility in Tucson and hire up to 140 more employees by 2020. Vector previously raised $21 million in June 2017.
Vector CEO and co-founder Jim Cantrell said the company is transitioning from a focus on research and development to flight operations and profitability. Vector is the developer of what it calls the world’s smallest satellite launcher rocket.
Meet the Desert Angels CEO
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Joann MacMaster was elected to be the Chief Executive Officer of Desert Angels, Inc. in January 2020. Prior to taking on the CEO role with Desert Angels, MacMaster served as the Sr. Director of Venture Development for the University of Arizona’s TLA team, focused on the commercialization of university research through the development of startup companies. She has served as a startup founder, mentor, investor, and educator, and is a recipient of the Larry Hecker and Sherry Hoskinson Lasting Community Builder Award. She is an AUTM board member and UA Academic Leadership Institute Fellow and previously served as President of the Arizona Business Incubation Association. She returned home to Tucson in 2000 after living and working in Europe for over a decade and holds an MBA from Edinburgh University Scotland.
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