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Singapore space junk start-up raises $7.7m Series A

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Astronscale, a Singapore-based start-up that develops satellites to remove space debris, has raised $7.7 million in a Series A round of funding from JAFCO and nine entrepreneurs from Japan.

The funding round was completed at the end of January. The new capital will be used to set up an office in Japan to accelerate the company's manufacturing operations of small-satellites.

Astronscale was founded in 2013 by Nobu Okada. The start-up focuses on developing new technologies to address space debris issue while cultivating a passion for space exploration. It aims to run a demonstration its first space junk removal system by the end of 2017. Currently, the firm partnering with Yuki Precision which is specializes in producing precision machined parts for the aerospace, medical equipment and robotics industries.

"This investment from JAFCO demonstrates the paradigm shift in the space industry which was once government driven, but now private space companies are taking up a big lead to solve the global space debris issues," the company's CEO Okada said in a statement. "On top of that, the nine thoughtful entrepreneurs demonstrate their value and commitment to tackle the issues for the sustainable space environment."

Operating in Japan, Singapore, Taiwan, Korea and the US, JAFCO has supported 962 companies to IPO since its inception in 1973.

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