UTokyo Innovation Platform has backed a $22.8m investment round for Axelspace that will fund the launch of the Tokyo spinout's latest satellite.
Axelspace, a Japan-based small satellite builder spun out of University of Tokyo (UTokyo), has closed a ¥2.6bn ($22.9m) series B round backed by university venture fund UTokyo Innovation Platform.
31Ventures Global Innovation Fund, a joint venture between real estate developer Mitsui Fudosan’s 31 Ventures investment vehicle and investment firm Global Brain, led the round.
Diversified conglomerate Mitsui, insurance firm Dai-ichi Life and SBI Investment, a venture capital subsidiary of financial services provider SBI, filled out the round along with public-private partnership Innovation Network Corporation of Japan.
Founded in 2008, Axelspace is developing micro-satellites that are intended to monitor marine and atmospheric occurrences on Earth. It launched its first model, WNISat-1, in 2013, following it with successor WNISat-1R in July 2017.
The funding will support the Axelspace’s plans to launch a satellite later this month, with two more slated for launch in 2020.
The company had
