The aerospace industry is experiencing a dynamic shift with innovative startups pushing the boundaries of technology and exploration. According to Space Foundation (2023), the value of the global space economy will increase by 8%, reaching $546 billion in 2022, and is anticipated to experience a further 41% increase in the next five years, as reported by a prominent space nonprofit. Considering the growth potential of the industry, this article introduces top aerospace startups to watch in 2024.
In our database, currently there are more than 500 Aerospace Startups mapped, most of them emerging from the United States and a considerable amount from European countries such as the United Kingdom, Belgium and Switzerland. Further, Statista (2022) showcased that between 2022 and 2041, the anticipated size of the worldwide aerospace services market is projected to surpass US$ 3.6 trillion. Approximately 30% of this value is anticipated to originate from the U.S. and Canada, with Europe contributing 23.5% to the market.
As we have started the preparations for the Global Aerospace Index that will rank cities and countries excelling in the industry, we’re looking forward to extending our map with more Aerospace startups. You can add your startup to the map and can further explore startups, unicorns and exits across 1,000+ locations and 12 industries.
Top Aerospace Startups to Watch in 2024
Using the data arriving from multiple sources such as Crunchbase and SEMRush, we listed out the top Aerospace Startups to watch in 2024.
1. Isar Aerospace
Founded Date: 2018
Location: Munich, Germany
Last Funding Type: Series C
Isar Aerospace is a German aerospace company headquartered in Munich. The company is developing Spectrum, a two-stage, liquid-fueled rocket designed for payloads up to 1,000 kilograms to low Earth orbit. Isar Aerospace emphasizes self-reliance, intending to manufacture 80% of the rocket components, leveraging technology from local tech firms in the Munich area.
2. SkyWater Technology
Founded Date: 2017
Location: Bloomington, United States
Last Funding Type: Post-IPO Debt
SkyWater Technology is an American semiconductor engineering and fabrication foundry. The company is dedicated to supporting defense programs with its well-known radiation-hardened, high-reliability processes. SkyWater provides custom solutions, including ROIC, CMOS ASIC, and heterogeneous integration, to meet critical mission objectives.
3. Astroscale Holdings Inc.
Founded Date: 2013
Location: Sumida City, Japan
Last Funding Type: Series G
Astroscale Holdings Inc. is a private orbital debris removal company headquartered in Tokyo, Japan. The company specializes in developing satellite end-of-life and active debris removal services to address the hazardous accumulation of space debris. Astroscale’s solutions span on-orbit servicing, including life extension, in-space situational awareness, end-of-life, and active debris removal, with a focus on creating sustainable space systems.
4. HT Aero
Founded Date: 2013
Location: Guangzhou, China
Last Funding Type: Series A
HT Aero is a Series A startup aiming to pioneer urban air mobility (UAM), backed by Xpeng Inc. The company is dedicated to producing safe and intelligent electric flying vehicles, contributing to the advancement of innovative solutions in the field of air transportation.
5. Ursa Major
Founded Date: 2015
Location: Waterbury, United States
Last Funding Type: Series A
Ursa Major is an independent rocket propulsion provider playing a critical role in building the defense industrial base in the United States. Notably, Ursa Major achieved the milestone of firing an oxygen-rich staged combustion engine, a feat previously exclusive to Russian engine-makers. The company provides reusable, high-performing propulsion systems for commercial space enterprises, defense contractors, and the Department of Defense, addressing needs in launch services, hypersonics, and national security missions.
6. Quantum Systems
Founded Date: 2015
Location: Gilching, Germany
Last Funding Type: Series B
Quantum-Systems GmbH, founded in 2015 is a German technology company headquartered in Gilching. Specializing in the development, design, and production of small Unmanned Aircraft Vehicles (UAVs), commonly known as drones, the company focuses on advancing technology for aerial systems.
7. HawkEye 360
Founded Date: 2015
Location: Herndon, United States
Last Funding Type: Series D
HawkEye 360 operates a commercial satellite constellation. The constellation is designed to identify, process, and geolocate a diverse range of radio frequency (RF) signals. The company leverages proprietary algorithms to extract valuable insights from the data, integrating it with other sources to create analytical products. These products address global challenges for a variety of customers.
8. ZeroAvia
Founded Date: 2018
Location: Irvine, United States
Last Funding Type: Series C
ZeroAvia is at the forefront of developing hydrogen-fueled powertrain technology for aviation. The company aims to produce the world’s first zero-emission engines for commercial aviation. ZeroAvia’s technology is expected to power aircraft with up to 20 seats and achieve flights of up to 500 miles (800 km). The company envisions contributing to a more sustainable aviation industry through its innovative propulsion solutions.
9. Kacific Broadband Satellites Group
Founded Date: 2013
Location: Singapore City, Singapore
Last Funding Type: Grant
Kacific is a satellite operator founded in 2013. Headquartered in Singapore, the company focuses on providing high-speed broadband internet services in the South East Asia and Pacific Islands regions. Committed to universal, fast, and affordable broadband access, Kacific utilizes robust technologies and an agile business model to deliver high-quality connectivity to its target regions.
10. AutoFlight
Founded Date: 2016
Location: Shanghai, China
Last Funding Type: Series A
AutoFlight is a global high-tech company dedicated to the development and manufacturing of electric aerial vehicles. The company’s founders and engineers, with decades of experience in next-gen mobility, aim to provide safe and reliable logistics systems and urban air mobility solutions through innovative electric aerial vehicles.
11. Sarcos Technology and Robotics Corporation
Founded Date: 1983
Location: Salt Lake City, United States
Last Funding Type: Post-IPO Equity
Sarcos Technology and Robotics Corporation, is a publicly traded company specializing in robotics and microelectromechanical systems (MEMS) and related technologies. Originally spun out from the University of Utah, the company focuses on creating robotic systems for military and industrial applications. With a long history, Sarcos continues to be a key player in advancing robotic technologies.
12. Skyryse
Founded Date: 2016
Location: Hawthorne, United States
Last Funding Type: Post-IPO Equity
Skyryse specializes in automating flight controls and management through its Skyryse operating system. The company is dedicated to achieving unparalleled safety across all flight stages by eliminating opportunities for human error, including emergency situations. Skyryse’s innovative approach is designed to enhance the safety and efficiency of air travel through advanced automation technology.
13. Tempo Automation
Founded Date: 2013
Location: San Francisco, United States
Last Funding Type: Post-IPO Debt
Tempo Automation is an American software-accelerated electronics manufacturer. The company collaborates with leading product companies to accelerate innovation in electronics manufacturing. Tempo’s platform employs an all-digital process automation, data-driven intelligence, and a connected smart factory to provide a breakthrough competitive advantage. This approach delivers quality, speed, and agility, setting Tempo Automation apart from other PCB manufacturers.
14. Hermeus
Founded Date: 2018
Location: Atlanta, United States
Last Funding Type: Series B
Hermeus is an American startup focused on the development of commercial hypersonic aircraft. The company’s mission is to radically accelerate air travel through the creation of multiple dual-use Mach 5 capable aircraft. Renowned for its efforts to build the world’s fastest aircraft, exceeding Mach 5 (more than twice as fast as the supersonic Concorde), Hermeus collaborates with government agencies, including the US Air Force and NASA, to advance hypersonic technologies.
15. Loft Orbital
Founded Date: 2018
Location: San Francisco, United States
Last Funding Type: Series B
Loft Orbital is a company providing space infrastructure as a service. Their mission is to simplify access to space for customer missions by offering rapid, reliable, and simplified space infrastructure services. Loft Orbital’s end-to-end service delivers missions to orbit using standard microsatellite buses, making space access more accessible and efficient for a variety of customer missions.
