ABL Space Systems, an El Segundo, Calif.-based developer of low-cost launch vehicles for the small satellite industry, closed a $170m Series B fundign at a valuation of $1.3 billion.
The round was led by funds and accounts advised by T. Rowe Price Associates, Inc. Participation in the round included existing investors and new investments by Fidelity Management & Research LLC and an unnamed third global investment management firm.
The company intends to use the funds to continue to expand its development efforts.
Founded in 2017, ABL Space Systems develops low-cost launch vehicles for the small satellite industry. The funding follows a year of growth for ABL, developing the 1,000-kilogram class RS1 launch vehicle and GS0 deployable launch system. The company has secured and executed on contracts with ten distinct customers: five commercial customers, four U.S. department of defense customers, and one national space agency customer. A first launch of RS1 is planned later in 2021, after less than four years of rapid development. With GS0, RS1 can be transported in shipping containers and launched from any suitable location in the world.