ABL Space Systems, a US-based satellite launch vehicle developer backed by aerospace and defence manufacturer Lockheed Martin, has received $170m in a series B round valuing it at $1.3bn.
The round was led by funds and accounts advised by investment management firm T Rowe Price Associates and also featured investment and financial services group Fidelity in addition to an unspecified investment manager and undisclosed existing investors.
Founded in 2017, ABL is developing low-cost launch vehicles designed to transport small satellites into space from any suitable location in the world.
The company has secured five commercial customers and has contracts with four US department of defence organisations and a national space agency. It is planning to undertake the first launch of its RS1 launch vehicle for later this year.
Lockheed Martin’s corporate venture arm, Lockheed Martin Ventures, took part in a $49m financing round for ABL in March 2020 that was led by Venrock and which included New Science Ventures and Lynett Capital.
The 2020 funding was secured alongside $44.5m of US government contracts. ABL also picked up an undisclosed amount of funding from Lockheed Martin Ventures in July 2019.