Los Angeles-based Rocket Lab said it closed a $75 million Series D financing round, led by Data Collective, with additional investors Promus Ventures and an undisclosed investor. Existing investors Khosla Ventures, Bessemer Venture Partners and K1W1 also participated in this round, which brings the startup’s total funding to date to $148 million, with the company value now in excess of $1 billion.
Currently, small satellite companies wait years to get on orbit, often at the mercy and schedules of larger payloads. With Electron, they will be provided a high-frequency, quality launch service that will take customers where they want to go, when they want to fly. The commercial and humanitarian applications this will open up are endless. The satellites Electron will launch are used to provide optimized crop monitoring, natural disaster prediction, Internet from space, improved weather reporting, up-to-date maritime data and search and rescue services.
Last month, the first Electron vehicle arrived to Launch Complex 1, Rocket Lab’s private launch facility on the Mahia Peninsula.
“The test flight program will begin with our first Electron rocket, “It’s a Test,” where we’ll aim to get Rocket Lab’s own flying laboratory, complete with 20,000 data channels, into Low-Earth Orbit,” said Rocket Lab’s founder and CEO Peter Beck.
Rocket Lab’s mission is to remove the barriers to commercial space by providing frequent launch opportunities to low Earth orbit. Since its creation in 2006, the company has delivered a range of complete rocket systems and technologies for fast and affordable payload deployment.