Astroscale, which operates in the market for satellite services and long-term sustainability both in low satellite orbit and in geosynchronous orbit, has closed a G round of funding with funding of over 76 million dollars. Among the new investors: Mitsubishi Electric, the entrepreneur and investor Yusaku Mazawa, the first Japanese citizen to visit the International Space Station, Mitsubishi UFJ Bank, Mitsubishi Corporation Development Bank of Japan and FEL Corporation.
The total amount of money raised by the company since its inception, including the current round, is approximately $376 million and, according to the company, proves the confidence of investors in the company’s stability, success and market leadership in the services sector for satellites in orbit, despite the challenging global economic climate.
“On-orbit service is a necessary infrastructure for a sustainable space economy and the key to reducing risk and increasing returns for satellite operators,” said Nobu Okada, founder and CEO of Astroscale. “We intend to make on-orbit service routine by 2030, and these funds will contribute significantly to the continuation Innovative technological development, global expansion and increased supply capacity to meet growing demand.”
According to Masahiko Arai, director of the defense systems division of Mitsubishi Electric, which invested $25 million in Astroscale in the current round, the company is working hard to promote the use of space in the defense sector, which is strongly connected to Astroscale’s efforts to build a sustainable space economy for future generations.
“We are excited to invest in Astroscale and look forward to collaborating and merging our expertise in supporting their business strategy and developing innovative Astroscale technologies.”
Ofir Azriel, CEO of Astroscale Israel: “Astroscale is a pioneer in the development of services for satellites in orbit, such as the disposal of satellites that have reached the end of their lives, the removal of active space debris and the extension of the life of satellites.”
Astroscale has a variety of missions and projects going on around the world.
Astroscale Japan is under contract with JAXA for Phase I of a commercial debris removal project, an in-orbit upper stage rocket body. It was also selected as a partner in a technology research contract that would involve removing large-scale pieces of debris from space.
Astroscale UK is developing a debris removal mission – The Cleaning Outer Outer Mission through Innovative Capture (COSMIC), in collaboration with the British Space Agency, and plans to demonstrate the ELSA-M service in 2024 in collaboration with OneWeb, the British Space Agency and the European Space Agency.
Astroscale US and Astroscale Israel teams are world leaders in building the technology and planning space missions for the Life Extension In-Orbit (LEXI) satellite. The American team is also working with several US government agencies, including the Air Force and Space Force Research Laboratory, on R&D for the satellite service.
The company’s previous mission in space – End-of-Life Services of a Satellite (ELSA-d) involving controlled in-orbit close approach operations carried out in April 2022 was a milestone for in-orbit servicing and an unprecedented achievement for a commercially funded mission in LEO.
To develop its services and meet growing customer demand, Astroscale is expanding its workforce and has opened new facilities in the UK, US and Israel, with a global headquarters facility opening in Tokyo later this year.