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Vector Launch
Vector Launch, Inc. (formerly Vector Space Systems) was an American space technology company which aims to launch suborbital and orbital payloads. Vector Launch declared bankruptcy in December 2019 and re-emerged in October 2020, only to be re-acquired by the original CEO Jim Cantrell and his new space company, Phantom Space.
The company's first CEO was Jim Cantrell, who co-founded the company with John Garvey, Shaun Coleman, Ken Sunshine, and Eric Besnard. Cantrell had previously helped Elon Musk found SpaceX in 2001. Vector Launch, Inc. received US$1 million in seed angel funding from entrepreneur Shaun Coleman soon after its foundation in 2016 and additionally $21 million from Sequoia Capital, Shasta Ventures and Lightspeed Venture Partners in June 2017. It had offices in Tucson, Arizona, and an engineering facility in Huntington Beach, California. In July 2016, Vector acquired Garvey Spacecraft, and began designing rockets based on Garvey's designs. The company was also investing in software capabilities. It had a platform called Galactic Sky, located in San Jose, California, which was developing software-defined satellites to provide start-ups and entrepreneurs with satellite capabilities. In 2017, Cantrell signed a letter of intent to collaborate with his son's cryptocurrency company, called Nexus, that was attempting to develop a satellite-supported currency exchange system.[needs update] In 2016 York Space Systems signed a $60 million launch deal with Vector, to launch six satellites into orbit, which was never funded.
By August 2016, Vector had tested hardware in suborbital flight with the launch of its P-20 prototype rocket, as well as atmospheric test flights of the Vector-R[when?] from the Mojave Air and Space Port in California and Spaceport Camden in Georgia.
By 2017, Vector had announced that it planned to use the LC-46 launch site in Florida for its Vector-R rocket starting in 2018, but did not achieve that target date. Additionally Vector was investigating adding more minimal infrastructure launch pads either located on land in the USA using mobile semi-trailers as tank trucks and a transporter erector launcher (TEL), or to launch the rocket from barges on the ocean.[citation needed]
By February 2018, the company was planning to launch the first orbital flight of the Vector-R in July 2018 from the Pacific Spaceport Complex – Alaska.[needs update] As of 2017[update], the first launch of the Vector-H was expected to occur in 2019.[needs update]
On August 7, 2019, the company was awarded its first U.S. Air Force mission, to launch the ASLON-45 spacecraft for $3.4 million. However, the contract was cancelled when the US Air Force determined Vector did not meet minimum requirements for solvency.
On August 9, 2019, Cantrell left Vector Launch and John Garvey assumed the role of CEO. The future of the company was left uncertain as it reportedly faced serious financial problems.
On December 13, 2019, Vector Launch Inc. and one affiliated company filed Chapter 11 bankruptcy in the United States District Court for the District of Delaware. It was revealed that the August layoffs had been precipitated by the withdrawal of financial support by Sequoia Capital, one of the company's largest investors, which led other potential investors to back out of an upcoming funding round in a domino effect. Vector has filed a motion with the court for approval to sell its assets pursuant to Section 363 of the US bankruptcy code (a provision that allows for the orderly sale of assets from a bankrupt estate). The stalking horse bidder is Lockheed Martin. Lockheed Martin acquired Vector's GalacticSky assets by default after a bankruptcy court received no qualified bids. Another bidder acquired the remaining launch vehicle assets.
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Vector Launch
Vector Launch, Inc. (formerly Vector Space Systems) was an American space technology company which aims to launch suborbital and orbital payloads. Vector Launch declared bankruptcy in December 2019 and re-emerged in October 2020, only to be re-acquired by the original CEO Jim Cantrell and his new space company, Phantom Space.
The company's first CEO was Jim Cantrell, who co-founded the company with John Garvey, Shaun Coleman, Ken Sunshine, and Eric Besnard. Cantrell had previously helped Elon Musk found SpaceX in 2001. Vector Launch, Inc. received US$1 million in seed angel funding from entrepreneur Shaun Coleman soon after its foundation in 2016 and additionally $21 million from Sequoia Capital, Shasta Ventures and Lightspeed Venture Partners in June 2017. It had offices in Tucson, Arizona, and an engineering facility in Huntington Beach, California. In July 2016, Vector acquired Garvey Spacecraft, and began designing rockets based on Garvey's designs. The company was also investing in software capabilities. It had a platform called Galactic Sky, located in San Jose, California, which was developing software-defined satellites to provide start-ups and entrepreneurs with satellite capabilities. In 2017, Cantrell signed a letter of intent to collaborate with his son's cryptocurrency company, called Nexus, that was attempting to develop a satellite-supported currency exchange system.[needs update] In 2016 York Space Systems signed a $60 million launch deal with Vector, to launch six satellites into orbit, which was never funded.
By August 2016, Vector had tested hardware in suborbital flight with the launch of its P-20 prototype rocket, as well as atmospheric test flights of the Vector-R[when?] from the Mojave Air and Space Port in California and Spaceport Camden in Georgia.
By 2017, Vector had announced that it planned to use the LC-46 launch site in Florida for its Vector-R rocket starting in 2018, but did not achieve that target date. Additionally Vector was investigating adding more minimal infrastructure launch pads either located on land in the USA using mobile semi-trailers as tank trucks and a transporter erector launcher (TEL), or to launch the rocket from barges on the ocean.[citation needed]
By February 2018, the company was planning to launch the first orbital flight of the Vector-R in July 2018 from the Pacific Spaceport Complex – Alaska.[needs update] As of 2017[update], the first launch of the Vector-H was expected to occur in 2019.[needs update]
On August 7, 2019, the company was awarded its first U.S. Air Force mission, to launch the ASLON-45 spacecraft for $3.4 million. However, the contract was cancelled when the US Air Force determined Vector did not meet minimum requirements for solvency.
On August 9, 2019, Cantrell left Vector Launch and John Garvey assumed the role of CEO. The future of the company was left uncertain as it reportedly faced serious financial problems.
On December 13, 2019, Vector Launch Inc. and one affiliated company filed Chapter 11 bankruptcy in the United States District Court for the District of Delaware. It was revealed that the August layoffs had been precipitated by the withdrawal of financial support by Sequoia Capital, one of the company's largest investors, which led other potential investors to back out of an upcoming funding round in a domino effect. Vector has filed a motion with the court for approval to sell its assets pursuant to Section 363 of the US bankruptcy code (a provision that allows for the orderly sale of assets from a bankrupt estate). The stalking horse bidder is Lockheed Martin. Lockheed Martin acquired Vector's GalacticSky assets by default after a bankruptcy court received no qualified bids. Another bidder acquired the remaining launch vehicle assets.