Aerospace company Rocket Lab has raised a $75 million Series D, launching the company’s valuation to more than $1 billion. Data Collective led the round for the Los Angeles-headquartered company, which makes rockets designed for low Earth orbit and satellites for commercial and humanitarian applications, including weather reporting, search & rescue services and providing internet.
Rocket Lab is in the early stages of its test flight program, which will begin with the launch of a rocket called “It’s a Test” out of its New Zealand launch site. The company’s ultimate goal is to provide affordable launches for the satellite market.
The funding for Rocket Lab comes several months after OneWeb, a company that’s seeking to create a network of orbiting satellites that provide affordable internet access to everyone, raised a massive $1.2 billion round. Elon Musk’s SpaceX and Boeing (NYSE: BA) have also asked the government for permission to create networks of internet-providing satellites.