Oct. 25 (Reuters) – ABL Space Systems, a maker of low-cost small satellite launchers, said on Monday it got a valuation of $ 2.4 billion after raising $ 200 million in new capital during a round table with its existing investors.
The company said it intends to use the raised capital to increase production of its RS1 launcher and for research and development.
ABL said an “existing investor syndicate” led and participated in the round, but the company did not disclose details.
ABL did not immediately respond to a request for comment from Reuters.
With the latest investment, California-based ABL has raised $ 420 million since its inception in 2017. Its backers include funds advised by T. Rowe Price Associates Inc and Fidelity Management & Research.
ABL said it currently has contracts with 14 clients across commerce, defense, intelligence and science, totaling more than 75 launches.
Fundraising is indicative of the growing interest in space transportation companies. Other companies in the industry such as Rocket Lab USA Inc, Astra and billionaire Richard Branson’s Virgin Orbit struck deals with blank check mergers earlier this year to go public.
Report by Manya Saini in Bangalore; Editing by Maju Samuel
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