Rocket Lab, a New Zealand company is developing a small launch vehicle in the US. It was announced on March 21 that the company raised about an additional $75 million that will help it to boost up the production of rockets.
According to Space News, the new funding round for Rocket lab is led by venture capital firm Data Collective and contributions from another VC firm, Promus Ventures, and an undisclosed investor is also made. Several other prior investors, including Khosla Ventures, Bessemer Venture Partners, and K1W1, also participated in the round.
Rocket Lab said that the Series D round of funding brings total rise by the company to $148 million, and values the company at more than $1 billion. The company also announced earlier a Series B round of unspecified size in 2015. Its chief executive, Peter Beck, said that the company did an unannounced Series C round in the interim involving only existing investors.
According to PR Newswire, the Rocket Lab's main aim is to provide frequent satellite launch opportunities which will revolutionise the ability of various satellite companies to reach the orbit. Many of the companies are currently having the assets sitting on the shelves for years and waiting for the launch.
Rocket Lab's new investors share that this huge backlog that has an access to a high-frequency, quality launch service that will take customers wherever they want to go and when they want to fly with the company. "This will hopefully unleash a torrent of financing for space innovation," said Matt Ocko, managing partner at Data Collective.
Founder and managing partner of Promus Ventures, Mike Collett gave a statement that the launch has been the prime barrier to market entry in small satellites. He also added that he firmly believe that Rocket Lab will successfully fill the gap.