Gilmour Space Raises $46M Series C for Orbital Launch

Gilmour Space Technologies Secures $46 Million for Eris Rocket Development

Australian aerospace company, Gilmour Space Technologies, is pursuing a strategy centered around smaller launch vehicles. They have engineered Eris, a rocket measuring 25 meters (82 feet) in length, capable of transporting payloads weighing up to 215 kilograms (474 pounds) to sun-synchronous orbit.

A recent Series C funding round of $61 million AUD ($46 million USD) has been successfully completed, paving the way for Eris’s inaugural flight in the coming year.

Eris: A Smaller Approach to Space Access

Eris distinguishes itself through its comparatively smaller size when contrasted with rockets developed by other launch providers. For instance, Terran One, built by Relativity Space, boasts a maximum payload capacity to Low Earth Orbit (LEO) of approximately 1,250 kg (2,756 lbs).

Even SpaceX’s Falcon 1, their initial and smallest orbital rocket, could deliver 450 kg (990 pounds). Gilmour Space believes that this reduced payload capacity will translate into more affordable launch solutions for a growing number of clients seeking to deploy spacecraft.

Expansion Plans and Infrastructure Development

The newly acquired funds will be allocated to significantly expand the company’s team, increasing its workforce from 70 to 120 employees.

Furthermore, investment will be directed towards the construction of a new commercial spaceport located at Abbot Point, Queensland, which received legislative approval in May. Gilmour Space is also evaluating a potential launch facility in South Australia to support launches into polar orbits.

Secured Launch Contracts

Gilmour Space has already established agreements with several potential customers for future Eris launches.

• A contract exists with Space Machines Company for the launch of a 35 kg spacecraft during Eris’s first mission.
• Fleet Space Technologies has secured an agreement to deploy six nanosatellites in 2023.
• An agreement with U.S.-based Momentus will leverage their orbital transfer capabilities.

Investment Details and Company Growth

The funding round was spearheaded by Fine Structure Ventures, with contributions from Australian venture capital firms Blackbird and Main Sequence, as well as Australian pension funds HESTA, Hostplus and NGS Super.

Both Blackbird and Main Sequence had previously invested in Gilmour Space, leading the Series A and Series B funding rounds, respectively. This represents the largest private equity investment ever received by an Australian space company, bringing the total funding raised to $87 million AUD ($66 million USD).