The new funding round is led by venture capital firm Data Collective, with contributions from another VC firm, Promus Ventures, and an undisclosed investor.
Rocket Lab said the Series D round brings the total raised by the company to $148 million, and values the company at more than $1 billion.
In an interview, Beck said the money will go towards increasing the production capacity for its Electron rocket, set to make its debut later this year.
The 150,000-square foot building will be used to manufacture engines for the Electron rocket as well as electronics systems.
The Electron rocket is designed to serve the burgeoning small satellite market, with the capability to place up to 150 kilograms into a 500-kilometer sun-synchronous orbit.