Ex-banker’s spacetech startup Gilmour Space Technologies is en route to lift-off with $19 million Series B raise

Queensland startup Gilmour Space Technologies has raised $19 million to supercharge its rocket technology for getting satellites into space.

The funding was led by Main Sequence Ventures, the manager of CSIRO’s $200 million innovation fund, and Blackbird Ventures, and also includes private investors.

Having worked in banking and corporate sales for 20 years, founder and chief Adam Gilmour tells StartupSmart he’s had experience in a lot of different industries, watching companies that have flourished, as well as those that failed.

He noticed “the space industry was one that was about to really take off”, he says.

Soon, there will be a “huge amount” of satellites being launched into space, he says, with between 5,000 and 10,000 required within the next seven years, or so.

And those satellites will have to be replaced, he adds, meaning they make for “a great ongoing business”.

Previously, there haven’t been enough small rockets available for launching these satellites into space, making them very expensive.

“That’s a deal killer for a lot of satellite companies,” he adds.

With no formal engineering qualifications, Gilmour set about figuring out a way to make rockets cheaper, and “started building the technology from there”. Read more

Stephanie Palmer-Derrien - SmartCompany - 1 October 2018