Gold Coast-based rocket builder Gilmour Space Technologies has secured $61 million in a Series C funding round led by a US venture capital fund, as the company shoots into the stratosphere on the back of recently signed deals with some of the world's most exciting space companies.
The raise brings the company's total funds raised to date to $87 million and was backed by Fine Structure Ventures, a venture capital fund that backs industries of the future like nuclear fusion, clean power generation and the electrolytic extraction of steel.
The Series C will add to the company's momentum, helping it progress plans to double the Gilmour Space headcount, and follows freshly inked deals with US-based Momentus, Sydney-based Space Machines Company, South Australia's Fleet Space Technologies, ASX-listed Electro Optic Systems (ASX: EOS) and most recently electronic warfare sensor company DEWC Systems.
Gilmour Space, which develops low earth orbit satellites, is now in a stronger position to capitalise on its technology, which has a number of applications including in mining, defence and agriculture.
"It's fantastic to see the global support for our mission to build and launch lower cost rockets and satellites to orbit," Gilmour Space CEO and co-founder Adam Gilmour said.
"This new investment will give us runway to launch our first orbital rocket in 2022.
"It will help us develop multiple Eris vehicles, grow our team from 70 to 120 in the next 12 months, build our sovereign space manufacturing capability for rockets and satellites, and facilitate a commercial spaceport in Queensland, where we hope to launch the world's first hybrid rocket to space."
Since launching its first hybrid rocket in mid 2016, Gilmour Space has achieved a series of technology milestones to become a leader in orbital-class hybrid propulsion technologies that use safer and lower cost fuels than traditional chemical propulsion rockets.
The company now has a growing network of 300 partners and suppliers.
"It's been amazing to see what Gilmour Space has achieved so far in proving that they can build a reliable hybrid rocket engine capable of powering the next generation of launch vehicles," says Blackbird Ventures partner Rick Baker who led the company's first $5 million Series A in 2017.
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