Gilmour Space lands $61m to build low-cost rockets and satellites

Australia’s launch services company, Gilmour Space Technologies, has secured $61 million from global investors to build lower-cost rockets and satellites to support the global New Space industry.

The Series C round of investments, which brings the company’s total funds raised to date to $87 million, marks the largest private equity investment raised by a space company in Australia.

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Gilmour Space CEO & Co-Founder, Adam Gilmour, said it’s fantastic to see global support for their mission to build and launch lower-cost rockets and satellites to orbit.

“This new investment will give us runway to launch our first orbital rocket in 2022,” Gilmour revealed.

“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,” he said.

Investors from the latest round of funding include US-based Fine Structure Ventures, Australian venture capital firms Blackbird and Main Sequence, and Australian superannuation funds HESTA, Hostplus, and NGS Super.

          Adam and James Gilmour, Founders, Gilmour Space

More rockets, more business

Since launching its first hybrid rocket in mid-2016, Gilmour Space has achieved a series of significant technology milestones to become a world leader in orbital-class hybrid propulsion technologies that use safer and lower-cost fuels than traditional chemical propulsion rockets.

In recent months, the company has also secured launch contracts with Australian and international customers including US-based Momentus, Sydney-based Space Machines Company, and South Australia’s Fleet Space Technologies.

For Fine Structure Ventures, the latest investment is their first deal in Australia.

“The team at Gilmour is building the leading sovereign launch company in Australia, and utilising their innovative hybrid rocket engine to efficiently address the growing global demand for putting satellites into orbit,” said Brett Rome, lead investor and Managing Partner at Fine Structure Ventures.

Gilmour Space has over 70 employees in its Gold Coast, Queensland rocket facility and a growing network of 300 partners and suppliers.

Source: Gilmour Space Technologies