Ibadan, 25 June 2024. – Synspective Inc., a Synthetic Aperture Radar (SAR) satellite data and analytics solutions provider, has announced the successful raise of 7 billion yen (USD 43.9 million) in a Series C funding round.
The latest funding was led by Japan Growth Capital Investment Corporation, managed by Nomura SPARX Investment, Inc., and Investment Limited Partnerships operated by JAFCO Group Co., Ltd. and Investment Limited Partnerships operated by Mizuho Capital Co., Ltd., among others. Since the Company’s founding, its total funding for third-party allotment has been 28.1 billion yen and 8.3 billion yen for loan contracts.
Synspective develops and operates high-frequency, high-resolution SAR satellites to provide data analytics and solution services. On March 13, 2024, it launched its fourth SAR satellite, StriX-3, successfully reaching its target orbit and spreading its wings. The SAR company consequently aim to establish a constellation of 30 SAR satellites by the late 2020s to observe changes anywhere on Earth. As a result, Synspective will use the new capital to develop, manufacture, launch, and operate our SAR satellites, prepare mass production facilities, develop satellite data solutions, and expand globally, driving further business growth.
Speaking about the raise, Dr. Motoyuki Arai, Synspective founder and CEO, said, “With further support from our investors, Synspective will expand its business using SAR satellites and analytics, which have proven reliable. This financing will accelerate our global business expansion, which we aim to fully realize by the end of this year with the start of mass production at our plant and the enhancement of our satellite constellation.” The CEO also added, “We sincerely appreciate the trust our investors have placed in us. We will continue to work with a sense of mission to make human economic activities sustainable with solutions that respect the global environment and resources.”
