As SpaceX prepares for the largest IPO in history, the race to create next-generation launch vehicles is intensifying. Startups from Australia, India, Japan, and South Korea are vying for a foothold in a market long dominated by the US and China. Four-year-old South Korean startup Unastella has raised $24 million in a Series B funding round, bringing its total funding to $44 million, according to Techcrunch.com reports.
Based in Seoul, the company is developing its own launch vehicles and engines. In an interview with TechCrunch, Unastella founder and CEO Jae Park emphasized that the company's primary goal is to provide small satellite launch services. The company successfully launched its Una Express-I rocket from South Korea in May 2025.
Unastella uses a kerosene and liquid oxygen fuel system—one of the most reliable methods used in SpaceX's Falcon series. Additionally, the company uses an electric motor pump instead of a traditional turbopump. This technology, tested by Rocket Lab, is cheaper and simpler. Although electric pumps are heavier and reduce payload capacity, Jae Park explained this decision as a strategy to reach the market faster.
CEO Jae Park began his career working on the Nuri rocket developed by the Korea Aerospace Research Institute (KARI). Later, he gained experience with European rocket engines at the German Aerospace Center. Currently, Unastella handles all processes, including design, manufacturing, and flight data analysis, in-house.
Although the startup is not yet profitable, Altos Ventures, Korea Development Bank, and other investors are confident in its future. The UNA EXPRESS-II rocket, scheduled to reach an altitude of 100 kilometers later this year, is expected to open new partnership doors for the company.
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