Australian rocket launch company Gilmour Space Technologies believes that bigger is not always better. The company developed Eris, a small rocket launch vehicle that can carry a payload up to 215 kg (474 pounds) into sun-synchronous orbit. It has raised $61 million AUD ($46 millions USD) in a Series C round to launch Eris into space next year.Eris is smaller than other launch company rockets. Relativity Spaces Terran One's maximum payload to LEO is around 1,250kg (2,756 lbs); SpaceXs Falcon 1, their first and smallest orbital rocket could carry 450 kg (996 lbs). Gilmour Space believes that a lighter payload will lead to lower costs for customers who are looking to send spacecraft into orbit.Funds will be used to nearly double the company's workforce from 70 to 120 employees and develop a commercial spaceport in Abbot Point, Queensland. In May, Australian legislators approved construction at the launch site. Gilmour Space is also looking at a South Australian launch site to support polar orbit launches.Gilmour Space has already reached agreements with potential customers to launch future Eris missions. These agreements include contracts with two Australian startups in space: Space Machines Company to launch a 35-kg spacecraft on Eris' inaugural flight and Fleet Space Technologies to transport six nanosatellites by 2023. Momentus, a U.S.-based company, has also signed an agreement for Gilmour Space to use its orbital transfer service.Fine Structure Ventures led the round and received contributions from Australian VCs Blackbird, Main Sequence and Australian pension funds HESTA and Hostplus. After leading Gilmours Series A & B, respectively, Main Sequence and Blackbird are both returning investors. This represents the largest amount of private equity financing ever raised by an Australian space company. It brings the total amount raised to $87million AUD ($66million USD).
