I am aware it's not strictly aiming to reach orbit
They can test / simulate as much as they want on the ground but the first full launch is bound to reveal issues.
Best case those issues just stop it from reaching the desired level of performance, more realistically they mean it goes boom at some point.
Which is completely nuts, even for a rocket engine. The F1 powering the saturn V only ran at 1000 psi.
On the other hand, ANFO, a common low pressure explosive, has a detonation pressure of ~100,000 psi
Speaking of previously proven technologies... the Space Shuttle made it to orbit on it's first launch attempt as well... with crew.
Pegasus (company's first try overall), Antares, all of the Minotaurs, Atlas 3 and 5 might count as new... Epsilon, H-2 (new?), Vega, Ariane 1, 3 & 4... And the Ariane 1 is both totally new on a systems level and an institution's first attempt at building one. Long March 5, 6 & 7.
Of the investor-backed launch startups, I think it's either no company got it first try... or Orbital Sciences counts as making it first try with Pegasus. Not sure if they count as an investor backed startup.