Synspective, a Japan-based synthetic aperture radar (SAR) satellite developer, has raised ¥8.67bn ($79.7m) in a series A round featuring general contractor Shimizu and property developer Mori Trust.
IT equipment and real estate leasing company Fuyo General Lease also participated in the round, as did financial services firms Mizuho Financial Group, SBI and Mitsubishi UFJ Trust and Banking Corporation.
The corporates were joined by Jafco, aStart and Abies Ventures, as well as University of Tokyo’s UTokyo Innovation Platform (UTokyo IPC), Keio Innovation Initiative, which functions as Keio University’s venture capital arm, and Innovations and Future Creation, a VC fund affiliated with Tokyo Institute of Technology.
The round took Synspective’s overall funding to approximately $100m. Mizuho and SBI took part through their Mizuho Capital and SBI Investment subsidiaries.
Founded in early 2018 as a University of Tokyo spinout, Synspective develops SAR technology-powered small observation satellites that provide accurate Earth observation data notwithstanding adversarial conditions including rain clouds or the commencement of dusk.
The company intends to utilise the series A funding to strengthen its SAR-powered satellite development and manufacturing structure, aiming to carry out daily observation of the world’s major cities with a constellation of 25 satellites.
The funding came after Synspective secured $2.7m in a December 2018 round featuring UTokyo IPC and Jafco.
