As SpaceX counts down to what could be the largest IPO in history, the race to build the next generation of launch vehicles is heating up. Asia wants in. Startups across Australia, India, Japan, and South Korea are racing to establish themselves in a market long dominated by the U.S. and China.
One of them is Unastella, a four-year-old South Korean startup that just closed a $24 million Series B, bringing its total funding to $44 million. The company launched its own rocket, the Una Express-I, from South Korean soil in May 2025.
The Seoul-based rocket startup is developing its own launch vehicles and engines, with an initial focus on small satellite launch services. Unastella’s near-term focus is validating its technology and business model through orbital launches, with crewed suborbital spaceflight as a longer-term goal, founder and CEO Jae Park told TechCrunch.
Unastella uses a kerosene and liquid oxygen propulsion system, one of the most proven combinations in rocket history, and one that is also used by SpaceX’s Falcon series. On top of that, the company swapped out the traditional turbo pump for an electric motor pump, a simpler and cheaper alternative that Rocket Lab has already validated in flight.
The tradeoff is payload. Electric motor pumps are heavier, which means less room for satellites. But Park said that’s a deliberate decision.
“We’re not an R&D group trying to build the most impressive rocket,” Park said. “We’re a commercial launch company trying to get to market fast.”
Park also notes that Unastella handles everything in-house, such as design, manufacturing, ground operations, and flight data. The UNA EXPRESS-I launch last year was the first real-world test of the entire system end-to-end, Park said.
The CEO has spent his entire career working on rocket engines. Before founding Unastella, Park worked on combustion systems for Korea’s Nuri rocket — the country’s first indigenously developed orbital launch vehicle, built by the Korea Aerospace Research Institute (KARI). He th …