Orbion Space Technology, Inc., a leading supplier of high-performance Hall-effect propulsion systems for small satellites, recently announced the closing of a Series B funding round during which it raised $20 million. The new funding will be used to complete a factory buildout that will allow Orbion to scale up production of plasma thrusters for small satellites.
Varnum served as legal counsel to Orbion, drafting and negotiating all transaction agreements and related material agreements. Led by Zach Meyer, the Varnum team included John Arendshorst and Chris Hiller. Varnum also provided counsel with respect to employee benefits and other related general corporate matters.
The recent funding round was led by the U.S.-India venture capital firm Inventus Capital Partners, with additional participation including Material Impact, Beringea and Wakestream Ventures.
Varnum has worked with Orbion for the past five years, providing a variety of legal services including a previous $9.2 million Series A capital raise in 2019. Since that time, the Houghton, Michigan-based startup has secured a research partnership with the U.S. Department of Defense and a contract with a leading provider of small satellite solutions.