Korean space service startup Perigee Aerospace is forging ahead with its ambition to become a leader in the next-gen space exploration industry in the coming years. The Daejon-based company signed an MoU with Philippine Space Agency (PhilSA) in October of this year and aims to launch an IPO in 2024. The startup’s ambitions are to become Asia’s SpaceX.
The MoU with PhilSA gives Perigee access and support to venture deeper into the possibility of launching their manufactured rockets in the Philippines. Perigee can also explore the development of a spaceport in the country that can launch small rockets into low orbit. Per the agreement with PhilSA, Perigee will provide frequent and reliable access to space for commercial and civil market use. It also has first-of-its-kind permission for a Korean startup to track and collect rocket debris in the Philippine territories.
Founded in 2018, Perigee is the first space launch vehicle startup using liquid fuel in South Korea. It has developed a two-stage space launch vehicle Blue Whale, that provides service to transport smaller satellites to low-earth orbit, similar to ones deployed for the Starlink network. The island country of the Philippines is considered an ideal place to launch space projectiles. Perigee expects their work in the Philippines to help them further their technology in Asia.
Perigee’s founder and CEO, Shin Dong-yoon, is an aerospace engineering expert from the Korea Advanced Institute of Science and Technology (KAIST). The startup has raised $22.5 million in a Series B bridge round and wants to launch an IPO in 2024. It has named KB Securities Co. and Korea Investment & Securities Co. as lead underwriters for the IPO.
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