Australia's Future Fund leads $140m round for Rocket Lab
Australia’s Future Fund has led a $140 million Series E round for Rocket Lab, a US-based space technology company that operates primarily in New Zealand.
Other participants included Greenspring Associates, Khosla Ventures, Bessemer Venture Partners, Data Collective, and Promus Ventures, as well as New Zealand’s K1W1 and Accident Compensation Corporation. It follows a $75 million Series D last year that was said to have lifted the company’s valuation to more than $1 billion.
Founded in 2006, Rocket Lab offers launch services to companies looking to put small satellites in orbit for various new-economy business models, including services related to the internet-of-things (IoT). Its flagship rocket program, known as Electron, features 3D-printed components and is considered the world’s first fully carbon composite orbital launch vehicle.
Rocket Lab began transporting commercial payloads of about 150 kilograms earlier this year from New Zealand and is licensed to realize a launch as often as every 72 hours. The company will use the fresh capital to progress a second launchpad in the US, produce more Electron rockets and advance a number of related R&D programs.
“We see hundreds of start-ups gearing up to replace billion-dollar mainframes in geosynchronous orbit with constellations of cheaper, faster, better micro-sats,” David Cowan, a partner at Bessemer who serves on Rocket Lab’s board, said in a statement. “Rocket Lab alone now provides the predictable, frequent and affordable launch capability critical for this new ecosystem.”
Investment in new space technologies has been underpinned by overlapping trends of the traditional space industry’s privatization and the proliferation of next-generation infrastructure related to big data computing. Australasia has proven to be a key region in this trend, with recent activity including early stage rounds for Myriota and Fleet, both microsatellite developers focused on IoT.
Earlier this year, Australia-based Gilmour Space Technologies raised about $14 million to scale up operations and launch a commercial rocket into space by 2020. Gilmour’s first vehicle will accommodate a payload of 100kg, but the company hopes to deliver as much as 400kg by 2021.
More on North America
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.