Oxfordshire-based space tech startup Magdrive has raised £8.3 million ($10.5 million) in seed funding to advance its spacecraft propulsion systems, aiming to capitalize on the booming commercial space industry.
The company plans to test its Magdrive Rogue thruster in orbit this June through a collaboration with space logistics firm D-Orbit. This funding round, led by VC firm Redalpine, positions Magdrive as a contender in the global race to develop scalable propulsion solutions critical for satellite mega-constellations, asteroid mining, and in-space manufacturing.
The seed round included participation from Founders Fund, Balerion, Alumni Ventures, Outsized Ventures, 7percent, and Entrepreneur First. Magdrive will use the capital to build a UK manufacturing facility and establish a U.S. office, scaling operations to meet demand for its propulsion technology.
The UK government’s National Space Strategy, launched in 2023, aligns with Magdrive’s goals, emphasizing public-private collaboration to grow the sector.
Magdrive’s electric plasma thrusters aim to address key challenges in spacecraft manoeuvrability and longevity, offering higher efficiency than traditional chemical propulsion.
The global space economy, projected to reach $944 billion by 2033 (Novaspace), relies on such advancements to enable complex missions, from low-Earth orbit satellite networks to deep-space exploration.
Founded in 2019 by CEO Mark Stokes, a mechanical and deep learning engineer, and CTO Dr. Thomas Clayson, a plasma physicist, Magdrive has positioned itself at the forefront of next-generation space infrastructure. Stokes emphasized the startup’s role in humanity’s transition to a “space-faring civilization,” citing applications in satellite constellations, space debris removal, and resource extraction.
The UK’s National Space Strategy targets 10% of the global space market by 2030, leveraging private innovation and regulatory support. Magdrive’s progress aligns with this vision, bolstering the UK’s reputation as a hub for space tech alongside companies like Surrey Satellite Technology and Rocket Lab.
While Magdrive’s June test marks a critical milestone, the space propulsion sector faces fierce competition from established players like SpaceX and Aerojet Rocketdyne. Success hinges on demonstrating reliability and cost-effectiveness in orbit. As governments and corporations invest billions in off-world ventures, innovations in propulsion will remain central to humanity’s extraterrestrial ambitions.
With its Rogue thruster poised for testing, Magdrive aims to transform theoretical potential into orbital reality, one thruster at a time.
