In brief: Singapore and Australia-based spacetech startup raises $13.9m

Gilmour Space Technologies, a hybrid propulsion company in Queensland and Singapore, has raised US$13.9 million to scale-up and launch its first commercial hybrid rocket to space in 2020.

The Series B investment round was led by Main Sequence Ventures, which manages Australia’s Commonwealth Scientific and Industrial Research Organization (CSIRO) innovation fund; and Blackbird Ventures, which led Gilmour Space’s US$3.62 million series A round in May last year.

Other investors include US-based 500 Startups, who increased their stake from the Series A round; as well as new venture capital, family-office, and private investors.

Source: Press release

A rocket launch usually costs between US$10 million to US$20 million. But the firm says it can do US$500,000 for each microsatellite in its rocket, which can carry a few.

“Our total vehicle price will be US$10 million, but for that price, you could put up around 20 smaller satellites.” That’s around half the cost of a similar launch by a traditional space agency, founder Adam Gilmour told Tech in Asia previously. To get further cost savings, the company is developing a proprietary hybrid fuel to power its rocket.

Gilmour is one of many spacetech companies that have taken off in Singapore. The government is throwing its weight behind the industry.

Gilmour’s funding data converted from Australian dollars. US$1 = A$1.38.