South Korean rocket startup Unastella has raised $24 million in Series A funding to advance its development of launch vehicles and rocket engines, the Seoul-based company announced.

The aerospace startup is working to develop its own proprietary launch systems as South Korea seeks to expand its presence in the commercial space launch market. Unastella joins a growing number of private space companies worldwide competing in the small satellite launch sector.

The funding round will support the company's ongoing development of rocket technology and launch capabilities. Unastella has been developing both launch vehicles and rocket engines as it works toward providing commercial launch services.

South Korea has been investing heavily in its space capabilities in recent years, with both government and private sector initiatives aimed at establishing the country as a regional space power. The government has supported domestic space technology development through various programs and partnerships.

The global small satellite launch market has seen significant growth as demand increases for deploying commercial satellites, particularly for communications and Earth observation services. Private companies have increasingly entered this market segment, seeking to provide more flexible and cost-effective launch options compared to traditional large rocket systems.