Japan-based space debris removal service Astroscale has increased a series D round featuring property developer Mitsubishi Estate and games publisher Koei Tecmo from $50m to $80m, SpaceNews has reported.
The new funding came from public-private partnership Innovation Network Corporation of Japan (INCJ), asset manager Sumitomo Mitsui Trust Investment, investment firm aStart, University of Tokyo’s UTokyo Innovation Platform and private investor Joe Hirao.
The original close included financial services firms Mizuho Bank, SBI and Sumitomo Mitsui Banking Corporation, which invested through Mizuho Growth Fund, SBI AI & Blockchain Fund and SMBC Venture Capital respectively.
The first close, which took place in October 2018, was completed by INCJ, investment firm Jafco’s SV4 Investment fund and aStart, while Koei Tecmo participated through its Koei Tecmo Capital subsidiary.
Astroscale is developing technology that would facilitate the clearing of debris orbiting the earth, as well as the disposal of satellites that have reached the end of their usefulness. The new funding will support the opening of a US office in the state of Colorado.
Chris Blackerby, Astroscale’s chief operating officer, told SpaceNews: “The biggest thing is that it gives us more runway. This is still an uncertain business market and the best way to make sure we can remain viable until that market gets viable is to have as much runway as we can.”
The new funding influx boosted the company’s overall funding to $132m, INCJ, Jafco and aStart having previously contributed to its $25m series C round in 2017.
The series C also included airline owner ANA Holdings, industrial cutting tool provider OSG Corporation and Mitsubishi UFJ Capital, the venture capital subsidiary of financial services provider Mitsubishi UFJ Financial Group.
Jafco, Mistletoe and angel investors including Kotaro Yamagishi, Kenji Kasahara, Shuhei Morofuji and Kiyoshi Nishikawa had provided $7.7m of series A funding for Astroscale in 2015, before INCJ and Jafco added $35m in a series B round the following year.
