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風(fēng)投“瘋投”航天業(yè):投資額超前15年之和

風(fēng)投“瘋投”航天業(yè):投資額超前15年之和

Clay Dillow 2016年03月16日

隨著SpaceX等一些公司已經(jīng)取得了顯著的成功,更多投資者也開(kāi)始將航天領(lǐng)域當(dāng)成類(lèi)似傳統(tǒng)的科技領(lǐng)域來(lái)看待——也就是說(shuō),他們認(rèn)為航天領(lǐng)域也能像傳統(tǒng)科技領(lǐng)域一樣,可以迅速將產(chǎn)品投入市場(chǎng),并在相對(duì)較短的時(shí)間內(nèi)產(chǎn)生收益。

2015年,風(fēng)投界向大大小小的商用航天創(chuàng)業(yè)公司累計(jì)投資超過(guò)18億美元,比該行業(yè)之前15年間獲得的所有風(fēng)投資金還要多近一倍。

弗吉尼亞州的航空航天與國(guó)防業(yè)咨詢機(jī)構(gòu)金牛集團(tuán)(Tauri Group)最近發(fā)布的一份報(bào)告表明,航天領(lǐng)域創(chuàng)業(yè)公司在2015年跨過(guò)了一個(gè)重大的拐點(diǎn)——至少在風(fēng)投機(jī)構(gòu)眼中是這樣。風(fēng)投機(jī)構(gòu)正在爭(zhēng)先恐后地以前所未有的熱情向這些年輕的創(chuàng)業(yè)公司進(jìn)行投資。

商用航天業(yè)之所以能迎來(lái)碩果累累的一年,源于注入該行業(yè)的一些重大投資——根據(jù)這份報(bào)告,這些重大投資指的是靠天使投資和風(fēng)險(xiǎn)投資起家的創(chuàng)業(yè)公司所獲得的種子資金、風(fēng)投或私募投資,包括谷歌(Google)和富達(dá)(Fidelity)向伊隆·馬斯克的SpaceX投資的10億美元,衛(wèi)星通訊公司OneWeb的一輪5億美元的融資,以及亞馬遜(Amazon)創(chuàng)始人杰夫·貝索斯為空間發(fā)射創(chuàng)業(yè)公司Blue Origin進(jìn)行的重大投資等。

這份研究還指出,2015年,其他50多家風(fēng)投機(jī)構(gòu)也向航天企業(yè)進(jìn)行了投資,這表明一向被人們認(rèn)為風(fēng)險(xiǎn)過(guò)高、收益太慢的航天行業(yè),已經(jīng)成了風(fēng)投界眼中的熱土。

“非航天行業(yè)針對(duì)航天領(lǐng)域的投資行為的確達(dá)到了史無(wú)前例的水平。2015年是投資額非常大的一年,尤其是對(duì)于這些創(chuàng)業(yè)公司來(lái)說(shuō)?!?金牛集團(tuán)執(zhí)行董事卡莉莎·克里斯坦森表示。克里斯坦森同時(shí)擔(dān)任了多家商用航天創(chuàng)業(yè)公司的顧問(wèn)。

從2000年到2015年年末,航天行業(yè)的創(chuàng)業(yè)公司共獲得了133億美元的投資,包括29億美元的風(fēng)險(xiǎn)投資。其中有18億美元,即三分之二的風(fēng)投資本是在去年投入的。克里斯坦森認(rèn)為,風(fēng)險(xiǎn)投資的大量涌入,說(shuō)明投資者對(duì)航天行業(yè)的認(rèn)知發(fā)生了轉(zhuǎn)變。

以往航天行業(yè)的創(chuàng)業(yè)公司所獲得的投資,主要是由像伊隆·馬斯克這樣對(duì)太空旅行感興趣的“倡導(dǎo)型投資者”,以及與軌道技術(shù)有戰(zhàn)略利益相關(guān)的企業(yè)(如電信公司、衛(wèi)星電視運(yùn)營(yíng)商等)提供的。

而現(xiàn)在,隨著SpaceX等一些公司已經(jīng)取得了顯著的成功,更多投資者也開(kāi)始將航天領(lǐng)域當(dāng)成類(lèi)似傳統(tǒng)的科技領(lǐng)域來(lái)看待——也就是說(shuō),他們認(rèn)為航天領(lǐng)域也能像傳統(tǒng)科技領(lǐng)域一樣,可以迅速將產(chǎn)品投入市場(chǎng),并在相對(duì)較短的時(shí)間內(nèi)產(chǎn)生收益。不過(guò),克里斯坦森表示,這些產(chǎn)品和收益一般與航天的關(guān)系不大,而是更偏重于信息方面。

“SpaceX打開(kāi)了這扇門(mén),但是真正為行業(yè)帶來(lái)投資的是數(shù)據(jù)。”克里斯坦森指出。很多航天業(yè)的創(chuàng)業(yè)公司,比如Sprie、Planet Labs、Mapbox、BlackSky Global和Orbital Insight等,都是將自身定位成一個(gè)天基數(shù)據(jù)鏈的角色,他們要么制造和管理著一批小型地球測(cè)繪衛(wèi)星,要么就是在分析這些衛(wèi)星搜集的數(shù)據(jù)。這種小型衛(wèi)星只要數(shù)量上部署得足夠多,就能定期實(shí)時(shí)提供全球的島瞰圖像。同時(shí)這些公司提供的數(shù)據(jù)還可以用來(lái)監(jiān)測(cè)全球的經(jīng)濟(jì)活動(dòng)。

克里斯坦森表示:“之所以會(huì)出現(xiàn)這一幕,并不是因?yàn)楹教?,甚至也不是因?yàn)闇y(cè)繪技術(shù),而是因?yàn)檫@些衛(wèi)星能夠產(chǎn)生大量的數(shù)據(jù),而這些數(shù)據(jù)能夠?yàn)槿虻钠髽I(yè)政策和工業(yè)活動(dòng)提供見(jiàn)解——比如在企業(yè)供應(yīng)鏈、石油生產(chǎn)、海運(yùn)或海事活動(dòng)等方面。”

投資者們認(rèn)為,這些數(shù)據(jù)還有很多價(jià)值沒(méi)有被開(kāi)發(fā)出來(lái),這些價(jià)值,再加上小型衛(wèi)星零部件成本的下降,導(dǎo)致了投資者對(duì)年輕的航天創(chuàng)業(yè)公司的態(tài)度也發(fā)生了轉(zhuǎn)變??死锼固股J(rèn)為,在將來(lái)一段時(shí)間,最重要的問(wèn)題是,哪些公司能夠邁出當(dāng)前的“待產(chǎn)出”階段,開(kāi)始產(chǎn)出風(fēng)投機(jī)構(gòu)真正期盼的東西——投資收益。

她表示:“有些人已經(jīng)通過(guò)高估值賺到了錢(qián),但是目前還沒(méi)有人通過(guò)銷(xiāo)售產(chǎn)品賺到錢(qián)。因此,眼下的確是一段非常令人興奮的時(shí)間,因?yàn)槲覀兛梢杂^察到這些公司的表現(xiàn)。究竟誰(shuí)能賺到錢(qián),什么時(shí)候能賺到錢(qián),這將是一個(gè)非常有趣的問(wèn)題?!?財(cái)富中文網(wǎng))

譯者:樸成奎

Venture capital firms invested $1.8 billion in commercial space startups in 2015, nearly doubling the amount of venture cash invested in the industry in all of the previous 15 years combined. A new report released by Virginia-based aerospace and defense consultancy The Tauri Group suggests that space startups turned a major corner in 2015, at least in the eyes of venture capital firms that are now piling money into young space companies with unprecedented gusto.

A handful of significant investments in space startups—defined in the report as angel- and venture-backed companies that have received seed, VC, or private equity investment—drove the industry’s banner year. Those included a $1 billion investment in Elon Musk’s SpaceX from Google GOOG -0.33% and Fidelity, a $500 million funding round by satellite communications company OneWeb, and significant investments by Amazon founder Jeff Bezos in space launch startup Blue Origin. But the study also found that more than 50 venture capital firms invested in space companies in 2015, signaling that venture capital has warmed to a space industry it has long considered both too risky and too slow to yield returns.

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“It’s really an unprecedented level of investment activity by non-space actors in space,” says Carissa Christensen, managing partner of The Tauri Group and adviser to several commercial space startups. “The core message is that its been a very large investment year for space, and particularly for these kinds of companies.”

From 2000 through 2015, space startups reeled in $13.3 billion in investment cash, including $2.9 billion in venture capital. A full $1.8 billion—or roughly two-thirds—of that venture capital was invested last year alone. The influx of all that VC cash suggests a shifting perception among investors, Christensen says.

Investment in space-related startups was once largely dominated by “advocacy investors” passionate about space travel (think Elon Musk) and corporations with strategic interests in Earth orbit (telecoms, satellite TV providers, etc.). Now, thanks to a handful of very visible successes from companies like SpaceX, a broader base of investors are looking at space startups as more traditional tech investments—the kind that rapidly bring a product to market and generate revenue in the relatively near term. Those products and revenues generally have less to do with space and more to do with information, Christensen says.

“SpaceX opened the door, but what really brought on the investment is data,” she says. A slew of space industry startups—companies like Spire, Planet Labs, Mapbox, BlackSky Global, and Orbital Insight—have attracted venture funds by positioning themselves along a space-based data supply chain, either by building and managing constellations (or future constellations) of small Earth-imaging satellites or by managing and crunching the data those satellites collect. Deployed in large enough numbers, these constellations can provide a regularly refreshing bird’s-eye views of the entire planet—data sets from which companies can monitor global economic activity.

“The play is not because it’s space,” Christensen says. “The play is not even because it’s imagery. The play is because these satellite systems are going to create large data sets, and those data sets yield insight into corporate policy and industrial activity around the globe—things like corporate supply chains, oil production, or shipping and maritime activity.”

Investors see a lot of untapped value in those data sets, and coupled with the falling cost of small satellite components that value is changing investor attitudes toward young space startups. The question going forward, Christensen says, is which companies can move beyond their current pre-revenue stage and begin providing the kinds of returns on investment venture capital firms expect.

“Some people have made money through high valuations, but no one has yet made money just by making money—by selling product,” she says. “That’s why it’s a really exciting time to see how these companies perform. Now the interesting question is going to be: How does this play out in terms of who delivers and when?”

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