Japan space debris start-up raises $191m Series E

AStart led the final tranche of $51 million, with participation from Sparx’s Space Frontier Fund, which launched in May and is targeting JPY15 billion ($142 million). Real estate investor Hulic, IT services provider I-Net Corp, and engineering firm Shimizu Corporation also made contributions.

It follows the close of an $80 million Series D last year that featured aStart, Innovation Network Corporation of Japan (INCJ), Sumitomo Mitsui Trust Investment, and UTokyo Innovation Platform. The company now positions itself as the best-funded on-orbit services and logistics company globally and best-funded space company in Japan. It has raised more than $340 million since inception in 2013, according to AVCJ Research.

Astroscale specializes in the development of orbital machines for hazardous satellite debris removal activities, including rendezvous, docking, and proximity operations. Demand for the service is expected to increase as launch costs decline and space industry activity increases, causing disruptive scrap material congestion to worsen.

The company said in a statement that it was on schedule for its first demonstration mission, although this had previously been planned for early 2020.

Orbital debris is a growing concern within the space industry and a credible threat to satellite-based businesses. Increasing satellite traffic is expected to exacerbate collisions and breakups that create further space debris. Astroscale has noted that satellite life extensions and related services will provide significant value to commercial and government operators by repairing or upgrading assets rather than just replacing them.

“Space debris is a serious issue that has the potential to affect our daily lives, the global economy and environmental sustainability,” said Kazumasa Watanabe, CEO of aStart. “Astroscale is not only leading the market with its unrivaled technology but is also making a global impact by contributing to the UN sustainable development goals.”

AStart is investing via its debut fund, which closed in 2018 at JPY5 billion with a contribution from I-Net.

Previous activity in the space tech segment includes participation in a $100 million Series A last year for Japanese satellite developer and geospatial data services provider Synspective that also featured Shimizu and UTokyo. Synspective claimed that it was the fastest-ever fundraising process for a space start-up globally.

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