MESC - 2024

Axelspace Completes Series D Funding Round

Axelspace captures Riyadh desert. Credit: Axelspace

Ibadan, 27 December 2023. – Axelspace Holdings Corporation has completed its Series D funding round, raising approximately USD 44.0 million (JPY 6.24 billion). The round sees the allocation of new shares to SMBC-GB Growth I Investment Limited Partnership, several other venture capitals, and corporate investors. Furthermore, it brings the cumulative amount of equity financing to approximately JPY 14.3 billion.

The Company will use the funding to meet more diverse customer demands. This will involve enhancing its Earth observation services through the expansion of its proprietary microsatellite constellation. The constellation currently consists of five satellites under operation, providing full-scale services of microsatellite development and operation to both public and private sectors and constructing optical data relay satellite constellations.

Yuya Nakamura, the President and CEO of Axelspace Holdings, commented, “We would like to express our gratitude to the investors who, despite challenging market conditions, have decided to invest in us, demonstrating confidence in our future business growth.”  He also added, “With this financing, we hope to further solidify the business foundations of both AxelGlobe and AxelLiner services and to establish ourselves as a leading player in providing comprehensive microsatellite solutions.”

Speaking on the raise, Jun Takahashi, President of SMBC Venture Capital Management Co., Ltd., commented, “We have decided to invest in the space industry, a new growth engine for Japan, and specifically in Axelspace. We are impressed by its achievement in pioneering the space industry and hold high expectations for its future global contributions as a satellite manufacturer and a data service provider.”

Axelspace has developed and operates a total of nine microsatellites, including a technology demonstration satellite for the Japan Aerospace Exploration Agency (JAXA)

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