London (CNN Business) Porsche SE, the family holding company that controls Volkswagen Group, is the latest big investor to bet on space's crucial role in developing future technologies. The company, controlled by the related Porsche and Piëch families that turned Volkswagen into a global powerhouse, on Wednesday unveiled an investment into Germany's Isar Aerospace, a space startup attempting to rival Jeff Bezos' Blue Origin and Elon Musk's SpaceX with rocket production and satellite launch services. Porsche SE is investing alongside venture capital company HV Capital and Swiss bank Lombard Odier to inject $75 million into the company, as part of a $165 million funding round that includes existing investors. Porsche SE said it would receive a "a low single-digit percentage stake." "The funding will allow Isar Aerospace to further invest in its launch, testing, and manufacturing infrastructure for its largely automated rocket production and commercial operations," Isar Aerospace said in a statement on Wednesday.

Source: CNN July 28, 2021 14:37 UTC