Space infrastructure company Loft Orbital has secured a whopping $170 million in Series C funding, co-led by Tikehau Capital and Axial Partners. This significant investment brings the company's total raised to $330 million since its inception in 2017, with a post-money valuation of $550 million at the time of its last raise in 2021.

The latest funding round is notable not only for its size but also for the company's impressive growth trajectory. Loft Orbital's co-founder and COO, Alex Greenberg, revealed that the company has achieved 100% revenue growth for two consecutive years, with over $500 million in bookings on just $160 million of capital raised prior to this Series C round. Greenberg emphasized the company's focus on profitability and sustainability, highlighting its capital efficiency in an industry known for its capital intensity.

Loft Orbital's business model is centered around making it simple for organizations to deploy and operate missions in space. The company achieves this by buying standard satellites from vendors like Airbus and LeoStella, outfitting them with customer payloads, and offering a range of services, including virtual missions. This approach allows customers to deploy their software apps onto a Loft satellite, leveraging on-board sensors and compute nodes to analyze data in real-time and run various use cases.

The company has already demonstrated its capabilities, having sold over 30 satellites to notable customers like NASA, Microsoft, Anduril, and BAE Systems. Loft Orbital has deployed over 25 customer missions across its five satellites launched to date, showcasing its ability to deliver complex space-based solutions.

With its new capital, Loft Orbital plans to scale its satellite launches from a handful per year to over ten annually. The company also aims to expand its virtual missions and AI business, enabling customers to create AI systems in their own cloud and deploy them onto a Loft satellite. This could lead to a range of innovative applications, such as wildfire detection and more.

In addition to its core business, Loft Orbital has been busy exploring new opportunities. Last August, the startup announced a joint venture with Abu Dhabi-based Marlan Space, which raised over $100 million to grow the region's domestic satellite manufacturing capabilities. The company has also launched YAM-6, a satellite dedicated to running AI in space.

The latest funding round is a significant milestone for Loft Orbital, demonstrating the confidence of investors in the company's vision and capabilities. As the space infrastructure industry continues to evolve, Loft Orbital is well-positioned to play a leading role in shaping its future.

With its focus on capital efficiency, profitability, and sustainability, Loft Orbital is poised to make a lasting impact on the space technology sector. As the company scales its operations and expands its AI capabilities, it will be interesting to see the innovative applications that emerge from its partnerships and customer deployments.