Japan-based synthetic aperture radar (SAR) satellite developer Synspective secured $100m yesterday in a series B round led by insurance provider Sompo Japan it said increased its total funding to $200m.
Nikon-SBI Innovation Fund, the joint venture between optical product manufacturer Nikon and financial services provider SBI, also took part in the round, as did property developer Mori Trust, SBI and peers Mizuho Financial Group (Mizuho Capital), Sumitomo Mitsui Trust Investment Co and Shinsei Bank (through Shinsei Corporate Investment Group).
The round was filled out by Nomura Sparx Investment, a joint venture between financial services firm Nomura and asset manager Sparx Group, as well as Sparx’s Space Frontier Fund, Pavillion Capital, Jafco Group, aStart, Energy & Environment Investment, Abies Ventures and debt financing from Shoko Chukin Bank and Mitsubishi UFJ Financial Group.
Spun out of University of Tokyo in 2018, Synspective is developing high-resolution SAR-powered satellites for earth observation, data and analytics. The cash will be used to develop, manufacture and launch its satellites, as well as to establish mass-production facilities and expand globally as it aims to reach 30 satellites by 2026.
The company’s $79.7m series A round in 2019 was backed by Mori Trust, general contractor Shimizu, IT equipment and real estate holding company Fuyo General Leasing, SBI, Mizuho Financial Group and Mitsubishi UFJ Trust and Banking Corporation.
University of Tokyo’s Innovation Platform unit was among the investors that had provided $2.7m in funding for Synspective in 2018.
Motoyuki Arai, Synspective’s founder and chief executive, said: “We are very grateful for the opportunity to welcome new investors and collaborative partners to expand our business more strongly and globally.
“Taking the fact that we were able to raise funds beyond the series A funding round as a great expectation and trust from our investors, partners as well as the public, we will further accelerate the expansion of a thirty SAR satellite constellation and enhance our data analysis technology to realize a ‘learning world’ for a sustainable future.”
Image courtesy of Synspective
