Singapore-based space debris removal technology developer Astroscale has closed a $25m series C round backed by aviation group ANA Holdings and industrial machine manufacturer OSG Corporation.
Mitsubishi UFJ Capital, the venture capital arm of Mitsubishi UFJ Financial Group, also took part in the round, as did public-private partnership Innovation Network Corporation of Japan (INCJ), investment firm Jafco and aStart.
Astroscale is working on satellite technology that will be able to get rid of some of the estimated 750,000 pieces of debris orbiting the earth. It intends to launch a satellite that will monitor space debris in 2018 before adding one in early 2019 that can manage their removal.
Part of the funding will be used to strengthen the global presence of Astroscale, which opened a UK office earlier this year. The company also plans to appoint a chief operating officer by the beginning of next month.
Nobu Okada, founder and chief executive of Astroscale, said: “We are confident that ANA’s specialised knowledge on operational safety and their experience as a leading airline group in the global market will be vital to our business.
“Additionally, we believe that OSG, a manufacturer of comprehensive cutting tools that operates in 33 countries and supports a diverse set of industries from automobile to aerospace, will not only supply high-quality instruments but will also contribute to the mass production of space debris removal satellites.”
Astroscale has now raised almost $68m in total. INCJ and Jafco participated in the company’s $35m series B round in March 2016, just over a year after it received $7.7m in series A funding from Jafco, startup hub Misteltoe and assorted angel investors.