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Rocket Lab
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== Company background == === History === Rocket Lab was founded in 2006 by Peter Beck in New Zealand. Mr. Beck began building rockets at an early age in his spare time and is often considered a "selftaught" rocket scientist. The company successfully launched its first rocket in 2009 called the Atea-1, which is believed to be first commercially developed rocket to reach space from the Southern Hemisphere. Then beginning in 2013, developmental work began on Electron, which was designed to be a high launch rate small rocket; the company also shifted its registration to the US and received its first high-profile venture backing from Khosla Ventures. The first Electron test flight was in 2017 but didn't reach orbit due to a ground equipment issue. The second launch in January 2018 reached orbit and deployed CubeSats for Planet Labs and Spire. In 2020, Rocket Lab acquired Sinclair Interplanetary for about $12m in cash plus stock/earnouts. === SPAC listing === Rocket Lab went public in late August 2021 via a SPAC listing. The sponsor was Vector Capital, a tech-only fund with a 25-year track record (39% gross IRR since inception, 100+ companies acquired since 1997), led by Alex Slusky. The deal raised about $777m in gross proceeds (before fees, which are expected to be ~$50m and management redemptions of about $40m) including a $467m PIPE led by Vector, Blackrock, and Neuberger Berman. Notable venture capital support also came from Bessemer and DCVC, who are both on the board of directors. The redemption rate for the deal was 3%. For the lockup, there is a customary 6-month period (2/25/22) for all employees (including C-suite and Peter Beck who owns +11% of the shares), sponsor, and pre-SPAC investors. === Management team === '''Peter Beck β Founder, Chairman, CEO''': Prior to founding Rocket Lab, Mr. Beck began his career in 1993 with an apprenticeship as a precision engineer at global appliance manufacturer Fisher & Paykel, before moving into production machinery design, product design and analysis. He later went to a government research institute in 2003 where he focused on advanced composites structures and materials for high-performance applications. While at the government lab, Mr. Beck led several complex engineering programs to optimize technologies including wind turbines and superconductors. An award-winning engineer, Mr. Beck has been presented with the Gold Medal from the Royal Aeronautical Society, Meritorious Medal from the New Zealand Division of the Royal Aeronautical Society and Cooper Medal and Pickering Medal from the Royal Society of New Zealand. In addition, in recognition of his outstanding contributions to aerospace, entrepreneurship and technical innovation, Mr. Beck was appointed as an adjunct professor in aerospace engineering by the University of Auckland. '''Adam Spice β CFO''': Mr. Spice has served as Chief Financial Officer since May 2018. Prior to that from January 2011 until May 2018, he was CFO at MaxLinear, Inc., a provider of radio frequency, analog and mixed signal integrated circuits for the connected home, wired and wireless infrastructure, and industrial and multimarket applications. From October 2009 to November 2010, Mr. Spice was the CFO of Symwave Corporation, a venture-backed fabless semiconductor company until its sale to Standard Microsystems Corporation (SMSC). From July 2000 until September 2009, he held a variety of financial and operational executive roles at Broadcom Corporation. From June 1996 until July 2000, Mr. Spice worked as a finance manager for Intel. He has a Bachelorβs of Business Administration from Brigham Young University and MBA from The University of Texas at Austin. '''Shaun O'Donnell β EVP of Global Operations''': Mr. O'Donnell has served as Executive Vice President, Global Operations since September 2019. He has been with Rocket Lab since September 2007 and is responsible for the day-to-day operations of Rocket Lab globally and manages cross-functional teams across the business. Prior to his current role, from August 2017 to December 2019, Mr. O'Donnell served as Vice President of Global Operations. From November 2016 to August 2017, he served as Vice President of New Zealand Operations. From September 2013 to November 2016, he was Head of the Guidance, Navigation and Control, Avionics department. From September 2007 to September 2013, Mr. O'Donnell served as a Senior Systems Engineer. Prior to Rocket Lab, he was a lead engineer at a contract engineering firm. Mr. O'Donnell holds an Electrical and Electronic Engineering degree from the University of Auckland.
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