Tracker Capital Management has led a $42m series C round for Accion Systems, acquiring a majority stake in the MIT-linked company in the process.

Accion Systems, a US-based developer of in-space propulsion systems based on research at Massachusetts Institute of Technology, has raised $42m in a series C round led by an affiliate of VC firm Tracker Capital Management. Tracker Capital acquired a majority stake in Accion Systems as part of the transaction. Founded in 2014, Accion Systems is developing propulsion systems that rely on ion electrospray thrusters, making it possible to deploy electric propulsion to satellites of any size. The company previously raised an $11m series B round co-led by Boeing HorizonX Ventures, the investment unit of aerospace manufacturer Boeing, and Shasta Ventures in February 2020. HorizonX Ventures led a $3m funding round in 2018, with participation from Gettylab, adding to a $7.5m series A round backed by Shasta Ventures, Slow Ventures, RRE Ventures and Founder Collective in 2016. FF Science had led a $2m seed round in 2015 with participation from RRE, Founder Collective and assorted angel investors. – A version of this story first appeared on our sister site, Global Corporate Venturing.

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