Gilmour Space, a Singapore-based space technology startup has raised $3.7 Mn from Australian venture capital firm Blackbird Ventures led the round. Other investors include 500 Startups.
The rocket startup was founded by brothers Adam and James Gilmour in Queensland in 2013.
While companies like SpaceX is spending billions in launching rockets and satellites, Gilmour is eyeing a different corner of the market. It wants to produce even cheaper rockets, designed for smaller satellites that fly much closer to the earth.
With the fresh round of funding Gilmour Space Technologies will look to continue the development of its low-cost rocket technology towards the first commercial launch into suborbital space, slated for the end of 2018. It also will increase its headcount.
Gilmour Space has also received a grant from Singapore’s National Additive Manufacturing Innovation Cluster, a government-formed initiative to boost 3D printing manufacturing capabilities for the city-state. The startup will work with the University of Technology and Design on aerospace-related 3D printing projects.