July 9th, 2007 09:20 EST
Boston Harbor Angels Invests in XCOR Aerospace
XCOR announced today it has received investment from the Boston Harbor Angels. The funds will support development of XCOR`s new suborbital vehicle.
"This is our first angel group investment," said XCOR CEO Jeff Greason. "We hope other angel groups and possibly institutional investors will follow the Boston Harbor Angels example."
XCOR Aerospace builds safe, clean and reliable rocket engines for space transportation. The company is building a vehicle capable of taking one pilot and one passenger on a suborbital ride. To date the company has been primarily funded from customer contracts and angel investors. Angel investors in XCOR Aerospace include Esther Dyson, Stephen Fleming, Aneel Pandey, Joe Pistritto and Lee Valentine.
XCOR was recently awarded a Small Business Innovative Research (SBIR) Phase 1 contract from the Air Force to design and analyze a rocket-powered vehicle that will reach 200,000 feet altitude and supersonic speeds. Using private investment matched with USAF resources XCOR will construct an all-rocket powered vehicle that will fly suborbital missions for the Air Force SBIR.
"XCOR Aerospace has a team that understands the value of staying focused," said Boston Harbor Angels investor Andrew Nelson. "The company has presented a strategy to align all activities toward a specific, attainable, and profitable set of commercial products and services with a strong portfolio of intellectual property."
Boston Harbor Angels is a group of 36 angel investors - successful entrepreneurs, corporate leaders, and venture capitalists - looking for personal investment opportunities in high-growth early stage companies. Members make their own investment decisions but collaborate on due diligence and rely on each others` expertise when making these decisions. Since 2004 members have invested in 25 companies.
XCOR Aerospace is a California corporation located in Mojave, California. The company is in the business of developing and producing safe, reliable and reusable rocket engines, rocket propulsion systems, and rocket powered vehicles.