Moon Express Raises Additional $500,000

The Silicon Valley Business Journal is reporting that Moon Express has raised $500,000 in equity, debt and convertible promissory notes according to a filing with the Securities and Exchange Commission.
Moon Express is one of the contenders in the $30 million Google Lunar X Prize (GLXP) and the recipient of a NASA lunar data contract.

Moon Express describes itself as a “privately funded lunar resource company created to establish new avenues for commercial space activities benefitting life on Earth.”

In a recent speech (available below) at the Commercial Space Resource Utilization forum, CEO Bob Richards outlined the companies history, goals and progress.

While Moon Express is an entrant in the GLXP its goals reach well beyond the GLXP. Richards made a point of discussing the first key resource Moon Express intends to exploit from the moon, water.

To reach the funding they’ll need to win the GLXP, Moon Express is using the Silicon Valley Business Model used by successful Silicon Valley startup companies according to Richards.

Currently Moon Express is in its Series B bridge* round of funding and according to the SEC filing could raise another $1.5 million in this bridge round, for a total of $2 million.

We contacted Bob Richards for a comment and he said: “We are very encouraged by our investors and the substantial momentum on our Series B round.”

As well, Richards said the $500k is on top of a previous $2.5 million raised in a private bridge round.

* Updated with corrections.