Northwood Space, a space infrastructure company, announced Monday that it has raised $375 million in a Series C funding round co-led by Andreessen Horowitz and DFJ Growth. The round places a $2 billion valuation on the company. The new funding is intended to support the company's expansion and hiring.
Northwood Space was founded in 2022 and builds antennas, software and other technologies designed to help satellites communicate more effectively with Earth. Bridgit Mendler, a co-founder and former actress, is the company's CEO.
The Series C follows a $100 million Series B round the company raised in January, which was also co-led by Andreessen Horowitz. Alongside that earlier round, Northwood Space secured a contract worth nearly $50 million with the U.S. Space Force to upgrade the nation's satellite control network.
The latest round also includes a financial agreement with HSBC. Northwood Space said the funding and the HSBC agreement together will be used to scale the company, hire additional staff and fulfill existing contracts.
The U.S. Space Force contract ties Northwood Space's satellite communications work to a U.S. government effort to modernize the infrastructure used to control satellites. The company's Series C investors include Andreessen Horowitz, which has now co-led two of its recent rounds, and DFJ Growth.
Northwood Space's antenna and software products are aimed at improving the links between satellites in orbit and ground systems on Earth. The company has not disclosed further terms of the HSBC agreement.
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