Satellite PropulsionFund I ✦ Exited
Next generation electric propulsion solutions for small satellites. Addressing the demands of rapid proliferation of satellite constellations.
At a Glance
HeadquartersHawthorne, CA
Latest MilestoneSep 2025: Propulsion assets acquired by Quantum Space for space mobility miss...
Veteran LeadersSteve Kiser
Quick Facts
SectorSatellite Propulsion
VVC FundFund I
HeadquartersHawthorne, CA
Status✦ Exited
Sector Context
Why Satellite Propulsion matters.
Small satellite constellations require affordable, reliable propulsion. The small satellite propulsion market is projected to grow to $6B by 2030 as mega-constellations proliferate.
Key Milestones
Sep 2025: Propulsion assets acquired by Quantum Space for space mobility missionsSource
Apr 2025: Awarded $14.9M DARPA contract for air-breathing electric propulsionSource
Jan 2025: Closed first tranche of Series C led by Artemis Group CapitalSource
Nov 2024: Partnered with University of Oklahoma on iodine propulsion researchSource
Jul 2024: Partnered with Redwire to build Hall Effect ThrustersSource
Exit Details
✦Asset Sale
Acquiring EntitiesQuantum Space / Apex
DateSeptember 2025
Phase Four's multi-mode propulsion assets were acquired by Quantum Space for defense, civil, and commercial space mobility missions. Apex separately acquired the Hall-effect thruster technology. The company was written off, though potential future upside remains tied to the acquiring entities' success.
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