Lockheed Martin-backed satellite launch vehicle developer ABL Space Systems boosted its total funding to $420m with a $200m extension to its latest round.
ABL Space Systems, a US-based satellite launch vehicle developer backed by aerospace and defence manufacturer Lockheed Martin, expanded its series B round to $370m yesterday.
The $200m extension was provided by undisclosed existing investors and valued the company at $2.4bn. The first $170m came from participants including investment and financial services group Fidelity and funds and accounts advised by T Rowe Price in March this year at a $1.3bn valuation.
Founded in 2017, ABL is developing launch vehicles designed to put small satellites into space at relatively low cost. It claims to have active contracts with 14 customers across the defence, intelligence, commercial and science sectors.
Proceeds from the round will be used to expand production of the company’s RS1 launch vehicle in preparation of its product launch, and support research and development activities. It said its overall funding now stands at $420m.
Lockheed Martin’s corporate venturing arm, Lockheed…
