Title: Unastella Secures $24 Million Following Historic Domestic Launch

As SpaceX prepares for what may be the largest initial public offering in history, the global competition to develop next-generation launch systems is intensifying. Asian nations are increasingly eager to claim a share of this market, which has historically been dominated by the United States and China. Startups in Japan, India, Australia, and South Korea are all vying for a foothold in this expanding industry. Leading this charge in South Korea is Unastella, a four-year-old enterprise that recently finalized a $24 million Series B funding round, raising its total capital to $44 million.

The Seoul-based company successfully launched its UNA EXPRESS-I rocket from domestic soil in May 2025. Unastella is engineering both its own launch vehicles and propulsion systems, initially targeting the small satellite launch sector. According to founder and CEO Jae Park, the company’s immediate objective is to validate its business model and technology through orbital missions, with crewed suborbital flights serving as a long-term aspiration.

Unastella employs a propulsion mix of kerosene and liquid oxygen, a reliable combination utilized by SpaceX’s Falcon rockets. However, the company has innovated by replacing the conventional turbo pump with an electric motor pump. This modification, already proven in flight by Rocket Lab, offers a more cost-effective and simpler solution. While electric pumps are heavier—thereby reducing payload capacity for satellites—Park views this as a strategic choice. “We are not an R&D group trying to build the most impressive rocket,” Park explained. “We’re a commercial launch company trying to get to market fast.”

The startup maintains full vertical integration, managing design, manufacturing, ground operations, and flight data internally. Park described the recent UNA EXPRESS-I mission as the first comprehensive, end-to-end real-world test of their integrated system. Park brings extensive experience to the venture, having spent his career focused on rocket engines. Prior to founding Unastella, he contributed to combustion systems for the Nuri rocket, South Korea’s first domestically developed orbital launcher created by the Korea Aerospace Research Institute (KARI). He subsequently worked on European launch vehicle engines at the German Aerospace Center in Berlin before returning to Korea to join another rocket startup, ultimately deciding to launch his own company.

Although Unastella has not yet generated revenue, investors are confident in its trajectory. Altos Ventures led the Series B investment, with participation from the Korea Development Bank, Strong Ventures, Hana Ventures, and other firms. The company’s primary focus is now shifting toward the UNA EXPRESS-II, scheduled for launch next year. Achieving an altitude of 100 kilometers would be a critical milestone, one Park believes will facilitate partnerships with major South Korean aerospace and defense contractors.

Despite being a small team of 22, Unastella has established key institutional ties. The Korea Aerospace Research Institute transferred electric motor pump technology to the company, and South Korea’s national space agency has flown components on the UNA EXPRESS-I.

Unastella operates in a rapidly growing global market valued at approximately $15 billion in 2023, with projections suggesting it will nearly triple to $41 billion by 2030, according to Grand View Research. South Korea’s commercial space sector is still nascent but is quickly maturing. Last year, Hanwha Aerospace, the nation’s largest defense conglomerate, acquired full technology rights to the government-built Nuri rocket from KARI. Additionally, two other startups are competing for market share: Innospace, which recently went public on the Korean exchange after conducting a sub-orbital launch, and Perigee Aerospace, which is developing the Blue Whale rocket. To date, no South Korean entity has achieved a commercial orbital launch.

The South Korean government is actively supporting this private-sector-led growth. The Korea Aerospace Administration (KASA), established in 2024, has allocated $266 million over seven years to develop launch infrastructure, signaling strong state backing for the industry. This competitive landscape extends across Asia, where China currently leads the region with companies such as LandSpace and Galactic Energy.

Source: TechCrunch Generated at: 2026-06-01 10:00:00 UTC