Lockheed venture arm boosts backing in small sat firm Terran Orbital

Lockheed Martin’s venture capital arm has boosted its investment in small satellite manufacturer Terran Orbital one year after the initial partnership was announced between both entities.

Terran Orbital said Monday it raised $36 million in “Series B” funding from Lockheed, along with a pair of new investors in Beach Point Capital and Goldman Sachs. Other details were not disclosed, including the terms of investments from Lockheed Martin Ventures and the others.

This new round comes nearly two months after Lockheed announced it planned to use part of the defense company’s savings from the corporate tax cut to double the size of its venture fund to $200 million. Through Lockheed Martin Ventures, the contractor invests in early-stage businesses involved in key technology areas viewed as disruptive to Lockheed and the defense industry at large.

Based in Irvine, California, Terran Orbital builds small “nanosatellites” at wet masses of 2.2-22 pounds to operate in large groups for communications and science missions of government and commercial customers.

The company calls itself the largest nanosatellite maker in the world and will use the added funds to buy additional manufacturing equipment for its new 40,000-square-foot design and production facility.

Lockheed Martin Ventures Executive Director Chris Moran said in a release that the organization is expanding its relationship with Terran Orbital as an investor and customer to support Lockheed’s LM 50 line of small satellites.