- Gilmour Space secures $55 million in funding led by Queensland Investment Corporation (QIC) for Australia’s inaugural locally-made rocket launch.
- With over 200 employees by FY23 and plans to expand to 300 by mid-2027, the company aims to launch from the Bowen Orbital Spaceport in North Queensland, potentially by April 2024.
- Co-founder Adam Gilmour expresses gratitude for shareholder support, emphasizing the vision to bolster Australia’s space capabilities and engage with the community in STEM education.
As Gilmour Space waits for approval from the Australian Space Agency (ASA) to launch Australia’s first-ever locally-made rocket from a site in Bowen, the Gold Coast-based tech company, founded by brothers Adam and James Gilmour, has raised a whopping $55 million in a Series D round. This funding round was led by the Queensland Investment Corporation (QIC).
The news comes after QIC announced its support for various venture capital firms and accelerators through the $130 million Queensland Venture Capital Development Fund (QVCDF).
The recent funding, which saw participation from Blackbird, Main Sequence, and Australian superannuation funds HostPlus and HESTA, will provide the money needed to build, test, and launch Gilmour’s own Eris rockets and satellites into space.
By the end of the financial year 2023, the company had more than 200 employees, and with this latest investment, they expect to increase their total headcount to over 300 by mid-2027.
The company is currently working on a variety of space services, including making rockets and satellites, as well as providing launch services from their exclusive Bowen Orbital Spaceport in North Queensland. They initially aimed to launch by December 2023 but now expect it to happen no earlier than April 2024 due to delays in approvals.
Adam Gilmour, the CEO and co-founder, expressed gratitude for the support from shareholders, saying it will help the company meet its goals and take advantage of opportunities in Australia and abroad. He emphasized their vision of making and launching rockets in Queensland to serve global customers.
James Gilmour, the co-founder and director, highlighted their efforts in building new space supply chains by collaborating with Australian researchers and companies. He stressed the importance of advancing technology and engaging with the community on space and STEM education.
Patrick Christiansen, the private equity investment director at QIC, praised Gilmour’s ability to compete as a full-stack launch services provider, which he believes will be attractive to an underserved segment of the global space market.
Rick Baker, the co-founding partner at Blackbird, shared the excitement of being part of Gilmour’s journey, from producing a small rocket engine to now attempting to launch the first Australian-built rocket into orbit.
