Korean Version of 'SpaceX' Ferry Aerospace Launches Series C

KAIST Undergraduate Startup Aims for IPO This Year
Developing Two-Stage Launch Vehicle for Small Satellite Transport

[Asia Economy Reporter Kwangho Lee] Perigee Aerospace, a startup founded by undergraduate students from the Department of Aerospace Engineering at Korea Advanced Institute of Science and Technology (KAIST), is accelerating external funding efforts. Attention is focused on whether it can overcome the final hurdles for an initial public offering (IPO) this year.

According to the investment banking (IB) industry on the 6th, Perigee Aerospace is currently raising a Series C investment worth 20 billion KRW. Previously, Perigee Aerospace recorded a cumulative investment of 27 billion KRW, including a 6 billion KRW Series B bridge round in 2022. Completing this investment will bring the company one step closer to its IPO plan within the year.

Perigee Aerospace's Main Launch Vehicle 'Blue Whale 1'

Founded in 2018, Perigee Aerospace has set a vision to lead the global small launch vehicle market in the new space era by developing high-efficiency engines using liquefied methane as fuel. From late 2021 to early 2022, it successfully completed launch vehicle test launches in Jeju in collaboration with KAIST. The company plans to complete the launch vehicle development this year.

The main launch vehicle (Blue Whale 1, hereafter BW 1) is a small two-stage launch vehicle aimed at transporting small satellites to low Earth orbit. BW 1 targets a payload capacity of 150 kg. It has secured not only engine technology for the first and second stages but also hovering technology used for rocket reuse to enhance economic efficiency.

The liquid methane fuel system used in BW 1 is the same as that used in Starship, a multipurpose super heavy launch vehicle under development by the U.S. private space company SpaceX for lunar and Mars exploration. It requires higher technical skills and a more complex structure compared to solid fuel. It is highly efficient and allows easy thrust control, facilitating precise orbit insertion and re-landing.

This year, the company plans to complete the development of the lower stage and aims to provide commercial services for BW-1 in 2024. The current workforce of 50 employees will also be expanded to 300, focusing on research and development (R&D).