Gilmour Space investors said the start-up was on track to raise more than $100 million in fresh capital despite its first attempt to launch an Australian-made rocket into orbit being cut short by suspected engine failure, sending the spacecraft crashing back to the ground just seconds after lift-off.

The Gold Coast company, which is backed by venture capital firms including Blackbird Ventures, Main Sequence and two industry retirement fund giants, HESTA and Hostplus, launched its first locally designed rocket from a purpose-built pad in Queensland on Wednesday.