This money will allow Moon Express to land its spacecraft on Earth’s only natural satellite and compete for an additional $20 million in funding from the Google Lunar X Prize.

The GLXP requires participants to not only reach the Moon before December 31, 2017, but also to move their vehicles at least 1,640 feet (500 metres) on the lunar surface and send the craft beam high-resolution imagery back to Earth. The funds that they use for their missions must come almost entirely from private sources.

The team that completes the full task, wins the prize.

If that turns out to be the case for Moon Express, the next steps for the company are to start flying commercial flights to the Moon and begin mining Helium-3, which can be used in nuclear fusion reactors.

“Our goal is to expand Earth’s social and economic sphere to the moon, our largely unexplored eighth continent, and enable a new era of low-cost lunar exploration and development for students, scientists, space agencies and commercial interests,” Moon Express co-founder and CEO Bob Richards said in a statement.

The company designed and built its MX-1E lander, while aeronautics startup Rocket Lab will be in charge of deploying it when the right time comes.