Japan's Astroscale raises $76m Series G
Japan’s Astroscale, a start-up specialising in on-orbit space debris removal, has raised USD 76m in Series G funding featuring Mitsubishi Corporation.
Mitsubishi Electric and Mitsubishi UFJ Bank also participated. Mitsubishi Electric emphasised that it was interested in supporting the space economy as part of its efforts to promote the use of space in the security sector.
Further support came from Development Bank of Japan, FEL Corporation, and billionaire entrepreneur Yusaku Maezawa, who is known for being one of the first space tourists to visit the International Space Station.
It follows a USD 109m Series F in November 2021 provided by 15 investors, including London-listed Seraphim Space Investment Trust, Japan Growth Capital Investment, Axa Life Insurance, and Yamauchi-No.10 Family Office, which was launched by the founding family of Nintendo.
Total funding since the company’s inception in 2013 amounts to USD 376m. Previous backers also include drone-focused Chiba Dojo, Sparx Group, and local VC investor aStart.
Astroscale has operations in Japan, the UK, the US, and Israel, variously focused on debris removal, on-orbit satellite maintenance, and end-of-mission spacecraft retrieval services. It partners with Air Force Research Laboratory and Space Force in the US, the UK Space Agency, the European Space Agency, and JAXA, Japan’s space agency.
The company notes that the global economy is now significantly dependent on satellites and that the number of threatening space debris objects in orbit is increasing “exponentially.”
Demand for space debris services is expected to rise as launch costs decline and scrap material congestion worsens, leading to more collisions and breakups creating further space debris.
“On-orbit servicing is a necessary infrastructure for a sustainable and growing space economy, and the key to reducing risk and increasing returns for satellite operators,” Nobu Okada, founder and CEO of Astroscale, said in a statement.
“We are on a mission to make on-orbit servicing routine by 2030, and these funds will significantly contribute to further innovative technology development, global expansion and increased capacity to meet the growing demand.”
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