A Vector rocket is prepared for launch at Spaceport Camden in Georgia in 2017.

Tucson-based Vector has secured $70 million in new investment capital to further its development of rockets to launch small satellites into space.

The Series B funding round was led by New York-based Kodem Growth Partners, with Morgan Stanley Alternative Investment Partners. Existing investors Sequoia Capital, Lightspeed Venture Partners and Shasta Ventures also participated in the round, Vector said Friday.

The company was co-founded by SpaceX veteran Jim Cantrell, rocket expert John Garvey and other space-industry veterans. Vector plans to build its rockets in Tucson and initial plans 100 launches a year, with its first orbital flight scheduled for later this year.