Andrew Parlock, CEO and co-founder of Space Phoenix Systems
TEDCO, Maryland’s economic engine for technology companies, announced a $500,000 investment in Space Phoenix Systems, a space logistics company developing spacecraft and related services to transport, test and return payloads from space. The investment was made through TEDCO’s Ventures Funds, which invests in Maryland-based technology companies with the goal of generating financial returns while supporting economic growth.
“Access to reliable upmass and downmass transportation for payloads is an important component of the developing space economy,” said Andrew Parlock, CEO and co-founder of Space Phoenix Systems. “TEDCO’s investment will support our continued work on spacecraft systems designed to transport payloads to and from low Earth orbit while allowing us to build the company here in Maryland.”
Based in Baltimore, Maryland, Space Phoenix Systems is developing space logistics infrastructure to support the transportation, management, and return of payloads from orbit. The company’s flagship spacecraft, Hermes, is being designed as a repairable, reusable platform engineered for rapid turnaround and repeatable missions.
“Space Phoenix Systems is working to address a technical challenge associated with testing, transporting and returning payloads from space,” said Katherine Hill Ritchie, senior director of TEDCO’s Venture Funds. “This investment reflects the Venture Funds’ focus on early-stage Maryland companies developing technologies with market potential. We look forward to following the company’s progress as it continues developing its platform.”
TEDCO’s Venture Funds is one of many investment opportunities that TEDCO offers to qualify for technology-based and life sciences start-ups across Maryland. For more information please visit, www.tedcomd.com/funding.
“It is no surprise that Maryland’s entrepreneurs are developing technologies to address emerging needs across a range of industries,” said Troy LeMaile-Stovall, CEO of TEDCO. “With our proximity to Washington, D.C., we are a hub for contractors looking to expand reach with federal contract opportunities like the Small Business Innovation Research Program—a reality that is emphasized by the state’s recent ranking as ninth in the nation for the number of program awardees in 2024. Space Phoenix System’s innovative technology is positioned to make an impact across the industry, and they are in one of the best locations to accelerate their progress.”
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
