20 Soaring Aerospace Companies & Startups In 2024
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As the world explores new frontiers of space and cutting-edge aviation tech, the demand for aerospace solutions is increasing.
In fact, the value of the global aerospace market is set to grow to $461.93 billion by 2028 at a 5.8% CAGR.
Not only that, there are a total of 1,979 businesses in the global military aircraft and aerospace industry.
We’ve gathered 20 of the best aerospace startups you should keep an eye on in 2024.
1. Astranis
5-year search growth: 107%
Search growth status: Exploding
Year founded: 2015
Location: San Francisco, CA
Funding: $553.5M (Series Unknown)
What they do: Astranis is an aerospace company that specializes in telecommunication. They are currently building geostationary satellites designed to deliver internet to remote places. Astranis was part of the Y Combinator’s Winter Cohort in 2016. The startup announced a partnership with the Department of Defense to launch four satellites in early 2024.
2. Astroscale
5-year search growth: 380%
Search growth status: Regular
Year founded: 2013
Location: Sumida, Japan
Funding: $389.2M (Series G)
What they do: Astroscale is an aerospace company that’s developing orbital debris removal technology. They offer satellite life extension, end-of-life, and active debris removal services. According to their website, Astroscale was named Japan’s startup of the year in 2018 by Forbes Japan. In February 2024, Astroscale successfully launched ADRAS-J, the first ever active debris removal spacecraft.
3. DroneUp
5-year search growth: 2,300%
Search growth status: Peaked
Year founded: 2016
Location: Virginia Beach, Virginia
Funding: $7.5M (Seed)
What they do: DroneUp is an aerospace startup that provides drone solutions for businesses and government agencies. Its platform offers a range of services, including drone delivery, inspection, and mapping, to help clients optimize their operations and increase efficiency. DroneUp's mission is to advance the adoption of drone technology by offering reliable and innovative solutions that meet the needs of various industries.
4. Voyager Space Holdings
5-year search growth: 0%
Search growth status: Peaked
Year founded: 2019
Location: Denver, CO
Funding: $177.8M (Private Equity)
What they do: Voyager Space Holdings is an aerospace company that specializes in space exploration technology. They provide different space services and a marketplace for buying and selling aerospace IPs. Voyager Space Holdings currently has over 550 customers.
5. SpaceX
5-year search growth: 30%
Search growth status: Peaked
Year founded: 2002
Location: Hawthorne, CA
Funding: $9.8B (Debt Financing)
What they do: SpaceX is a space travel and aerospace manufacturing company. The company builds reusable launch vehicles and communication satellites. SpaceX is the first aerospace venture to use a recycled rocket to send astronauts to space.
6. Accion Systems
5-year search growth: -60%
Search growth status: Peaked
Year founded: 2014
Location: Boston, MA
Funding: $68.5M (Series C)
What they do: A space mobility company, Accion Systems develops propulsion systems. Specifically, they build ion/electric propulsion thrusters for satellites and other space vehicles. According to their website, Accion Systems has partnered with some leading defense and aerospace organizations, including NASA, the US Department of Defense, and Boeing.
7. CesiumAstro
5-year search growth: 75%
Search growth status: Exploding
Year founded: 2017
Location: Austin, TX
Funding: $88.2M (Series B)
What they do: CesiumAstro develops communications solutions for different aviation and aeronautics products. Their systems are specifically designed for UAVs, satellites, launch systems, and other space vehicles. The company currently has 11 customers, including NASA, Airbus, and the US Navy.
8. Iris Automation
5-year search growth: -33%
Search growth status: Peaked
Year founded: 2015
Location: Reno, NV
Funding: $28M (Series Unknown)
What they do: An avionics safety provider, Iris Automation creates collision-avoidance systems for drones. They specialize in building detection systems for beyond visual line of sight (BVLOS) flight. According to their website, Iris Automation has conducted 14 test programs for their BVLOS solutions worldwide.
9. Relativity Space
5-year search growth: 225%
Search growth status: Peaked
Year founded: 2015
Location: Long Beach, CA
Funding: $1.3B (Secondary Market)
What they do: Relativity Space is an aerospace and 3D printing startup that creates autonomous rockets built from 3D printed components. According to the company, their launch systems can be built and deployed in 60 days, unlike traditional rockets that take several months. In 2019, The World Economic Forum included Relativity Space in its list of Technology Pioneers.
10. Firefly Aerospace
5-year search growth: 108%
Search growth status: Peaked
Year founded: 2014
Location: Cedar Park, TX
Funding: $571.6M (Series C)
What they do: Firefly Aerospace builds space launch vehicles that can carry small payloads. Their products have been designed to make space more accessible for business and research. NASA has awarded Firefly Aerospace $93.3 million to deliver payloads to the moon in 2023.
11. Agnikul
5-year search growth: 510%
Search growth status: Exploding
Year founded: 2017
Location: Chennai, India
Funding: $58.6M (Series B)
What they do: Agnikul is an Indian aerospace company that aims to provide affordable and flexible access to space for small satellites. The company's platform includes a fully 3D printed rocket, which can be customized and launched in a matter of days, making it an ideal solution for small satellite missions. Agnikul's mission is to enable the next generation of space exploration and innovation through its flexible and affordable launch solutions.
12. Universal Hydrogen
5-year search growth: 255%
Search growth status: Regular
Year founded: 2020
Location: Hawthorne, CA
Funding: $82.5M (Corporate Round)
What they do: A green aviation startup, Universal Hydrogen is working towards making the zero-emissions commercial flight possible. They plan on doing that by using hydrogen as a clean fuel source. Last year, the company partnered up with Plug Power to develop a hydrogen fuel cell propulsion system.
13. Skydio
5-year search growth: 357%
Search growth status: Peaked
Year founded: 2014
Location: Redwood City, CA
Funding: $570M (Series E)
What they do: Skydio manufactures drones powered by artificial intelligence. Their autonomous vehicles use machine learning technology and have been designed to avoid collisions and identify objects. Skydio was selected as one of the most innovative companies (robotics) by Fast Company in 2021.
14. Vantage Robotics
5-year search growth: -100%
Search growth status: Peaked
Year founded: 2013
Location: San Leandro, CA
Funding: $40.1M (Grant)
What they do: A technology company, Vantage Robotics offers aerial videography solutions. They build ISR drones, ground control stations, and supporting accessories for military and commercial use. According to their website, the company has partnered with the US Air Force, FLIR, and the Defense Innovation Unit.
15. Autel Robotics
5-year search growth: 126%
Search growth status: Exploding
Year founded: 2014
Location: Shenzhen, China
Funding: $2M (Seed Round)
What they do: Autel Robotics develops aerial drones and UAVs for enterprise, public safety, and commercial sectors. Unlike standard drones, Autel drones are more advanced with 4D millimeter-wave radar technology and high-resolution thermal imaging sensors for US law enforcement and government agency use.
16. Farcast (formerly Dash Systems)
5-year search growth: 1,600%
Search growth status: Exploding
Year founded: 2019
Location: Hawthorne, CA
Funding: $8M (Seed)
What they do: Farcast, formerly known as Dash Systems, is a tech startup that develops solutions for airdrop deliveries. Their platform is designed to help safely deliver cargo without having to land an aircraft. According to Dash Systems, they can deliver cargo even in the harshest regions.
17. Kawa Space
5-year search growth: 0%
Search growth status: Peaked
Year founded: 2019
Location: Mumbai, India
Funding: $1.2M (Non-Equity Assistance)
What they do: A business intelligence company, Kawa Space provides geospatial insights collected from space. As of now, the startup mainly serves the real estate and travel industries. It is estimated that Kawa Space earns up to $5M in annual revenue.
18. Isar Aerospace
5-year search growth: 2,500%
Search growth status: Regular
Year founded: 2018
Location: Munich, Germany
Funding: $350.6M (Series C)
What they do: Isar Aerospace is a German space launch company that aims to make space access more affordable, sustainable, and accessible. The company is developing a range of launch vehicles that use proprietary technology to reduce costs and improve performance, with the goal of providing reliable and cost-effective launch services to customers around the world. Isar Aerospace's mission is to accelerate the development of space technologies and infrastructure, enabling new opportunities in space exploration, research, and commerce.
19. Boom Supersonic
5-year search growth: 67%
Search growth status: Peaked
Year founded: 2014
Location: Denver, CO
Funding: $207.5M (Series Unknown)
What they do: Boom Supersonic is an aircraft manufacturer that’s building a supersonic airliner called “Overture.” Their goal is to design an aircraft that’s much faster and more sustainable than an average commercial airplane. Boom Supersonic has already partnered with Japan Airlines and the US Air Force.
20. ABL Space Systems
5-year search growth: 4,600%
Search growth status: Regular
Year founded: 2017
Location: El Segundo, CA
Funding: $419M (Series B)
What they do: ABL Space Systems is an aerospace startup that develops rockets that launch light payloads. Their launch vehicles are designed to provide low-cost options for customers that want to launch small satellites. The company claims that it only takes $12 million to launch one vehicle.
conclusion
That concludes our list of the fastest growing aerospace startups.
From ventures engaged in geospatial imagery to startups working on sustainable flight technology, this ever-growing industry is quite diverse.
As sustainable aviation and space exploration slowly become necessities, we can expect exciting new startups to emerge in the years to come.
