ABL Space Systems has secured over $90M during a Venrock-led funding round and plans to use the investment to support testing of the company“™s RS1 launch vehicle for small satellites.
The El Segundo, Calif.-based company said Monday it received $49M in funding from investors such as Lockheed Martin“™s venture capital arm, Lynett Capital and New Science Ventures.
The funding comes after ABL received a contract to support the U.S. Air Force Research Laboratory's propulsion development activities earlier this year. ABL also secured agreements to provide launch operations assistance for Cape Canaveral AF Station in Florida and Vanderberg AF Base in California.
According to the company, the funding will support integrated testing activities for RS1“™s upper stage as well as newly leased facilities to house production and propulsion testing operations for the rocket.
"AFRL was an early supporter and remains a key, trusted partner," said ABL CEO Harry O'Hanley. "We're at the three year anniversary of founding our company and have stayed true to our original business model.“
ABL plans to demostrate RS1 along with its GS20 deployable launch platform in the first quarter of 2021.