Gilmour Space Technologies, the Australian-Singaporean New Space satellite launch company headquartered in Queensland, Australia, has secured U.S.$13.73 million (AUS$19 million) in a Series B investment round to scale up its operations and launch its first commercial hybrid launch vehicle into orbit by 2020.
The Series B investment round was led by Australian venture capital firms Main Sequence Ventures, which manages Australia’s Commonwealth Scientific and Industrial Research Organization (CSIRO) innovation fund; and Blackbird Ventures, which led Gilmour Space’s U.S.$3,61 million (AUS$5 million) Series A round in May last year. Other investors include U.S.-based 500 Startups, who increased their stake from the Series A round; as well as new venture capital, family-office and private investors.
“This round of investment will give us the safe runway we need to build and launch our first commercial hybrid rocket to orbit in 2020,” said Adam Gilmour, company CEO and Founder.
Although space investments are comparatively new to investors in the Asia-Pacific, these investors are starting to take notice.
According to lead investor Martin Duursma, a partner at Sydney-based Main Sequence Ventures: “Gilmour Space is a great example of the rise of innovation in the Australian space industry.“
“No longer is Australia only focusing on so-called downstream applications, but now, with Gilmour, will also have the capability of launching satellites for both commercial and national benefit,” Duursma continued. “We are excited to support the company in its growth in Australia and beyond.”
Blackbird co-founder Rick Baker agrees: “This Queensland-based rocket company is well on its way to developing, building and launching a commercial orbital rocket for under AUS$30 million [U.S.$21.6 million] in capital raised. The result will be a low-cost rocket that is going to change the economics of small launch.”
“This investment into Gilmour Space [through Main Sequence Ventures] is a great example of how the Australian Government is supporting cutting-edge innovation in Australia’s space industry,” said Australia’s Minister for Industry, Science, and Technology, the Hon. Karen Andrews, MP.
Ultimately, however, what customers want are reliable, timely and affordable launches that get their payloads to where they need it to be, said Gilmour.
“With our new rockets and Australia’s well-suited geography, we plan to build a commercial ‘road’ to space that will put Gilmour Space and Australia on the global space map.”