University of Tokyo’s micro-satellite technology spinout’s $23.6m round featured exiting shareholder 31Ventures and various new investors.
Axelspace, a Japan-based Earth observation technology developer spun out of University of Tokyo, closed a ¥2.58bn ($23.6m) series C round on Friday.
Ceramics and electronics producer Kyocera, property developer Mitsui Fudosan and postal service Japan Post took part, the last two through 31Ventures and Japan Post Investment respectively.
The corporates were joined by financial services firm Mitsubishi UFJ Group’s Mitsubishi UFJ Capital unit, asset manager Sparx’s Space Frontier Fund and Sumitomo Mitsui Trust Investment.
Founded in 2008, Axelspace is working on micro-satellites that are designed to inspect global atmospheric conditions. It is planning to complete its constellation by 2022.
31Ventures had led a $22.9m series B round in 2018, investing with University of Tokyo’s UTokyo Innovation Platform, insurer Dai-ichi Life, SBI Investment, a venture capital subsidiary of financial services provider SBI, and Innovation Network Corporation of Japan.
Venture capital firm Global Brain led a…
