Monday, December 16, 2019

Vector Launch Files For Chapter 11 Bankruptcy

Vector Launch, a startup which was developing rockets for small satellite launches which had its engineering headquarters in Huntington Beach, has filed for Chapter 11 bankruptcy, and will sell some of its assets to Lockheed Martin, according to legal filings from the firm on Friday. The company also has laid off most of its 150 or so staff. Vector had suspended its operations in August and parted ways with its CEO. The company had raised more than $100M in venture financing, from such investors as Kodem Growth Partners, Morgan Stanley Alternative Investment Partners, Sequoia, Lightspeed Venture Partners and Shasta Ventures. Vector--which started in Huntington Beach--moved its headquarters to Tucson, Arizona, some years ago. Vector was founded by some of the original team members at SpaceX.