Space Angels Announce First Deal

Joe Landon, the Managing Director of the Space Angels Network, promised me during a recent interview that he would have a deal to announce soon.

Yesterday, one of Landon's member firms followed through on this earlier promise.

As outlined in the May 23rd, 2011 Space Angels press release "Space Angels Network Member Announces Investment in Altius Space Machines" Space Angels Network member and managing member of the Orrery Group, LLC, entrepreneur Richard M. Davis has led a seed‐stage investment in Altius Space Machines (ASM) of Louisville, Colorado.

ASM builds a unique "sticky boom" electrostatic adhesion technology using thin plastic pads with embedded electrodes to create a "static cling" forces that enables sticking to almost any surface. ASM has recently been testing the technology under zero gravity conditions and expects to develop applications related to on-orbit servicing and space docking missions.

Seen below is a recent sample test of the adhesion technology using a three pound, non-ferromagnetic copper ball.



The amount of the investment has not been disclosed.

The Space Angels Network describes itself as "a professionally managed national network of accredited investors focused on aerospace-related opportunities" but until this announcement had not completed a financing deal.

Dr. Burton Lee.

According to Landon, several of the member companies had made independent investments in aerospace related opportunities over the last few years and are well versed in the area but have been focused on providing members with access to connections, trading  information and facilitating investments, rather than closing specific deals.

Founding members of the organization include Ester Dyson from EDventure Holdings, Stephen Fleming from the Atlanta Technology Angels, David S. Rose from the New York Angels and Ed Tuck from the Falcon Fund.

Organization sponsors include marketing company Brand Evolve, accounting firm Goodman and Company (which is now part of the larger Dixon Hughes Goodman LLP) and law firm Morrison Foerster.

Space Angels founder Burton Lee spoke at the Canadian Space Commerce Association (CSCA) 2008 Accelerating Space conference on the topic of angel financing in January 2008.