Asian space debris start-up gets $25m Series C

Innovation Network Corporation of Japan (INCJ), Jafco, Mitsubishi UFJ Capital and aStart contributed to the round alongside ANA Holdings and OSG Corporation. According to a statement, it brings the company’s total capital raised to date to $53 million.

Last year, INCJ and Jafco committed to a combined $35 million investment in the company’s efforts to develop propulsion systems, an adhesive-based docking system and technologies related to end-of-life operations for spacecraft. Previous investors also include Mistletoe, which joined a $7.7 million Series A in 2015.

“We are confident that ANA’s specialized knowledge on operational safety and their experience as a leading airline group in the global market will be vital to our business,” said Nobu Okada, founder and CEO of Astroscale. He added that OSG, as a manufacturer of comprehensive cutting tools, will not only supply high-quality instruments but also contribute to the mass production of space debris removal satellites.

About 750,000 space debris objects over one centimeter in diameter are said to exist in Earth’s orbit, threatening satellites and spacecraft. Astroscale aims to offer services that monitor and physically remove the debris. The company opened an R&D office in Japan in 2015 and a UK branch earlier this year.

Recent venture capital activity in space-related businesses includes a $75 million Series D round for US and New Zealand-based company Rocket Lab. In April, Blackbird Ventures led a A$5 million ($3.9 million) round for Fleet, an Australian start-up that makes teacup-sized satellites known as cubesats for internet-of-things applications.

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• Topics
• Southeast Asia
• Technology
• Industrials
• Early-stage
• Singapore
• Venture
• Innovation Network Corp. of Japan (INCJ)
• JAFCO
• Mitsubishi UFJ Capital