Downed (2/13/23)

Good morning and welcome back, Payload nation. While we’re normally grateful to have a publishing break on Saturdays and Sundays, holy moly was it a wild weekend. After last weekend’s balloon busting, US Air Force F-22s took down three unidentified flying objects (or, yes, UFOs) on Friday, Saturday, and Sunday. The Pentagon hasn’t ruled out aliens, but also said that it hasn’t seen any indicators of extraterrestrial activity. 

Then, of course, Americans were treated to a great Super Bowl game last night, with MVP Patrick Mahomes and the referees Kansas City Chiefs eking out a 38–35 win over Philly. 

One last housekeeping item before we dive in today: next Monday, Payload will be off for President’s Day in the States.

In today's edition...🎈 SpaceRyde files for bankruptcy💻 Jiga raises $4.1M🗓️ The week ahead

Was this email forwarded to you? Sign up here. 

SpaceRyde Files for Bankruptcy

SpaceRyde appears to be shutting its doors. 

The Canadian launch company building an inexpensive small-lift rocket with a balloon first stage filed for bankruptcy on Friday.

The story so far: Over the last few years, SpaceRyde has been building a system that would use a stratospheric balloon to lift the vacuum-optimized Ryder rocket above 99% of the atmosphere, release the vehicle, and ignite its engines. 

The business model was simple: offer a $250,000 flat fee to launch payloads under 25 kg, then an additional $10,000 per kg up to a maximum payload mass of 150 kg and max price of $1M per launch. 

The company’s ambitions went beyond small-lift launch. The final stage of each Ryder was designed to act as an in-space vehicle. Ultimately, SpaceRyde aimed to build a network of these vehicles. SpaceRyde also designed and built a gimbaling rocket engine in house.

In June 2022, SpaceRyde opened Canada’s first orbital-class rocket factory in Concord, Ontario. The 25,000 sq ft facility hosted all manufacturing operations, from the rocket to the gimbaling engines to the “Flying Spider” balloon stage.

Commercial operations were scheduled to begin in 2024. The startup had announced a few flights on its manifest, including four launches for Netherlands launch services provider ISILaunch, and an agreement with Qosmosys, a company designing an in-space satellite racing game.

Local trouble: The company’s engine testing facility in the Trent Hills municipality of Ontario, about two hours from Toronto, has caught flak from local groups for allegedly violating noise ordinances. A Change.org petition to stop engine testing in the rural lot has garnered over 800 signatures. In October, the municipality asked SpaceRyde to stop engine testing. The company agreed, performing its last engine test at the Trent Hills facility on Oct. 6.

The balloon pops: The startup filed for bankruptcy under section 49 of the Bankruptcy and Insolvency Act in Canada and named Deloitte Restructuring a trustee of the company’s estate. SpaceRyde CEO Sohrab Haghighat declined to comment at this time.

Jiga Raises $4.1M

Jiga, a Y Combinator W21 alum operating a manufacturing procurement platform, closed a $4.1M funding round led by Symbol.

“The aerospace industry is facing a growing demand for new and innovative products, and it's crucial that companies have quick access to the right parts and materials to meet this demand,” Jiga CEO Adar Hay told Payload via email. “By digitizing and automating key parts of the purchasing process, we help companies save time, reduce waste, and better manage their supply chain.”

Tackling the supply chain

Jiga aims to make procurement “smoother, faster, and more cost-effective,” Hay said. The company is focused on aerospace parts, but serves enterprise customers in other industrial verticals.

The startup’s platform allows users to upload CAD files of required components, then generates quotes from suppliers for buyers to compare. Throughout the process, the platform enables messaging between suppliers and buyers as well as a progress tracker, which helps ensure components are delivered on schedule.

Jiga’s parts marketplace is currently up and running, serving suppliers and customers in aerospace and beyond. The company charges a small markup on parts, as well as a subscription fee for certain additional features and integrations.

Up next: With this fresh round of funding, Jiga has its sights set on growth. Hay said that the company is planning to layer more features and integrations into its platform as it builds out both supplier and customer bases.

Sponsored 

Save 20% on SpaceCom PLUS Package which includes access to Space Mobility. Use Code PAYLOAD20 

Space Congress’ mission is to provide a forum for government and commercial companies to work together to further the science of space exploration, facilitate business and investment opportunities, cultivate on-planet solutions, and, ultimately, find new, sustainable ways to protect our planet and its global systems.

Join thousands of space professionals for 3 days of invigorating conversations, a renowned showcase of the latest-breaking solutions, and fresh perspectives from the most inspiring pioneers in the space industry.

In Other News

• Hope, the UAE’s Mars mission, is migrating to a new orbit around the Red Planet. 

• India successfully launched its new SSLV rocket from the Satish Dhawan Space Center.

• The FAA is struggling to juggle increased levels of air travel and space launches. 

• Starlink will reach profitability this year, Gwynne Shotwell said last week. 

• Roscosmos’ Progress 83 cargo spacecraft sprung a leak in its coolant loop while docked to the ISS. All the coolant inside escaped into space.

• Axiom confirmed that two Saudi astronauts—Rayyanah Barnawi and Ali AlQarni—will fly on the private Ax-2 mission to the ISS. 

• A meteoroid ~1 m in diameter streaked through the sky over the English Channel.

• Japan is looking to take Russian launch share with JAXA’s new H3 rocket.

The View from Space