Rocket Lab today announced it had secured further funding of US$75 million (NZ$106m) to pay for production of rockets once it is past the test stage.
The company hopes to get the first of its test launches into orbit some time within the next two months.
Rocket Lab chief executive and founder Peter Beck said there had been extensive testing of ground systems at and around its launch site on the Mahia Peninsula between Gisborne and Napier.
The funding announced today was led by Silicon Valley venture capital firm Data Collective, with additional investment from Promus Ventures.
Rocket Lab also attracted reinvestment from Bessemer Venture Partners, Khosla Ventures and Sir Stephen Tindall's investment firm K1W1. The Series D funding round - the company's fourth round of investment - increased Rocket Lab's total level of investment to US$148m. The company is now valued at more than US$1 billion ($1.4b).
Beck said the Data Collective was an "astute" space investor.
"The new funding will enable us to scale up production of Electron [rockets] to meet the continued high demand we're seeing from the growing small-satellite industry," he said.
Rocket Lab's mission is to provide frequent satellite launch opportunities, which will revolutionise the ability of satellite companies to reach orbit. It will launch satellites for $US5m a time.
Data Collective managing partner Matt Ocko will join Rocket Lab's Board of Directors, joining existing members David Cowan from Bessemer Venture Partners, Sven Strohband from Khosla Ventures, and Scott Smith of Iridium Satellites.
"Currently, small satellite companies wait years to get on orbit, often at the mercy and schedules of larger payloads - and at extortionate costs," said Ocko.