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‘Low-cost access to space’ could be reality with capital raise
Herbert Smith Freehills has advised Gilmour Space Technologies on its Series B capital raise led by Main Sequence Ventures and Blackbird Ventures.
Grace Ormsby
Firm: Herbert Smith Freehills (Gilmour Space Technologies); K&L Gates (Main Sequence Ventures)
Value: $19 million
Area: Corporate
Key players: HSF’s partner Peter Dunne led the deal with support from solicitor William He.
Deal significance: Gilmour Space Technologies is developing rocket technology for “low-cost access to space”, according to an HSF statement, as well as launching small satellites for low Earth orbit.
In May of this year, the company undertook a ground test of its orbital engine which is capable of delivering 80kN of thrust.
Inclusive of this deal, Gilmour Space Technologies has raised approximately $24 million from global investment since the company’s inception.
Peter Dunne said of the deal that “Main Sequence Ventures’ and Blackbird Ventures’ investment reflects the strong ‘deep-tech’ capabilities of Australian start-ups.”
He expressed the firm’s delight at partnering “with one of Australia’s pre-eminent space tech companies, as Gilmour Space Technologies continues to develop its leading rocket launch capabilities.”
CEO of Gilmour Space Technologies Adam Gilmour said HSF had been very easy to work with, “had a good understanding of our issues and dealt seamlessly with the investor legal teams.”
