Vector Temporarily Halts Launch after Changes in Financing

Vector Temporarily Halts Launch after Changes in Financing
The Siliconreview
12 August, 2019

Vector, an American space tech startup, will halt operations for some time due to abrupt changes in financing. On the other hand, the company’s CEO, Jim Cantrell has left the company amid the grim situation.

Mr Cantrell has been replaced by John Garvey (One of the co-founders) as the CEO.

Earlier, the startup inked an important deal from the US Air Force but now the situation is somewhat gloomy for Vector as it has series of developments to complete. The company also raised funds worth $70 million in 2018 and recently it became a qualified contestant of the DARPA’s Launch Challenge.

The recent development for vector is an orbital launch vehicle, Vector R.  The rocket can deliver a payload of maximum 60Kgs. Vector R is designed to loft small satellites, for which the demand is quite high. There is another heavier version of the vehicle (Vector-H) is under development. It could lift 290Kgs of payload at a time.

Vector intended to test an orbital launch by this year end, but as of now, nothing has occurred; a sub-orbital launch was also scheduled for this summer, but that too is yet to start.

In light of the forging, financial constraints have delayed the rocket launch.

The company has raised over $100 million in fundings and actively conducting engine test including flight tests as cited above but the company has to solve all the financing issues if it wants to become stable again.