Two of SpaceX’s (Elon Musk’s private space company) founders are starting another rocket company Vector Space Systems, which just announced $1 million in angel investment. They will focus their efforts on building launch vehicles expressly designed to put micro-satellites into orbit.
Still developing it’s first rocket called the ‘Vector‘ it carry approximately 5 to 50kg of cargo with a cost of $2 to $3 million per rocket. This makes it ideal for lighter micro-satellites, which range from 20 to 200 pounds.
At about $60 million per Falcon 9 (SpaceX’s current rocket) launch, the Vector will be a much cheaper option for deploying micro-satellites.
Vector Space Systems and it’s founders claim that their prototype rocket has flown up to 100,000 feet without issue and that they plan to proceed with a demonstration flight of the full rocket this summer, and reach orbit by 2018.