Korea space tech start-up gets $8m

Hana Ventures, BNK Venture Capital, Posco Capital, and Hi Investment Partners took part in the round. They were joined by automotive materials manufacturing company Kolon Glotech.

NaraSpace's key offering is a high-resolution imaging system that uses deep learning technology and is expected to be deployed across satellite, drone, and ground sensor networks. Data is collected via a platform called Earthpaper, scheduled for release this month.

Applications include greenhouse gas monitoring, logistics monitoring including vessel tracking, agricultural forecasting, and smart city development.

The company is also developing its own microsatellites, measuring 20cm by 40cm. These can idenfity objects on the ground as small as 1.5m in width, according to a statement.

The first two satellites are set for launch next year, with transport services secured from SpaceX. The goal is to launch 100 satellites within five years.

KDB is the first Korean bank to finance a satellite project. Earlier this year, it committed USD 126m to an Indonesian broadband satellite program called Satria alongside Asian Infrastructure Investment Bank (AIIB), which contributed USD 150m.

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• Topics
• North Asia
• Technology
• Early-stage
• South Korea
• Korea Development Bank
• space