Australian spacetech firm Gilmour Space lands $46m in funding

Australian spacecraft manufacturer Gilmour Space Technologies has raised A$61 million (around US$45.9 million) in series C funding, the largest private equity investment in the country’s space industry.

The latest round included participation from US-based Fine Structure Ventures, Australian venture capital firms Blackbird Ventures and Main Sequence, as well as Australian superannuation funds Hesta, Hostplus, and NGS Super.

Illustration of Gilmour’s Eris rocket in space / Photo credit: Gilmour Space Technologies

Gilmour Space is a venture-backed rocket firm that develops low-cost hybrid propulsion technology. They are currently developing Eris, a 25-meter-high orbital rocket that can deliver up to 305 kilograms to low Earth orbit.

“This new investment will give us runway to launch our first orbital rocket in 2022,” said the company’s CEO and co-founder, Adam Gilmour. The firm’s targeted launch will bring a 35 kilogram spacecraft from Australian Space Machines Company into orbit, according to a statement.

More specifically, Gilmour Space will invest the new funds into multiple Eris vehicles, strengthen its rockets and satellites manufacturing capability, and grow its team from 70 to 120 members within the next 12 months, the CEO added.

It will also use the capital to facilitate a commercial spaceport in Queensland, where Gilmour Space looks to launch its first hybrid rocket from.

Currency converted from Australian dollar to US dollar: US$1 = A$1.33