TAMPA, Fla. — Swiss startup Pave Space has raised $40 million to develop an orbital transfer vehicle that could move satellites from low Earth orbit (LEO) to their final destinations in hours instead of months.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...