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Astroscale raised 76 million dollars to strengthen its position in the growing market of service for satellites in space

The total amount raised by the company to date is about 376 million dollars. Among the investors: Mitsubishi Electric and the Japan Development Bank. CEO of Astroscale Israel: The global economy is more dependent on satellite data than at any time in history, and this dependence is only increasing

Novo Okada, CEO of Astroscale Global. Photo: Astroscale
Novo Okada, CEO of Astroscale Global. Photo: Astroscale

Astroscale, the market leader in satellite services and long-term sustainability both in low satellite orbit and in geosynchronous orbit, closed a G funding round 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 about 376 million dollars and, according to the company, proves the confidence of investors in the stability, success and market leadership of the company in the sector of services for satellites in orbit, despite the most 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," he said Novo Okada, founder and CEO of Astroscale. "We intend to make the service on the route routine by 2030, and these funds will contribute significantly to continued innovative technological development, global expansion and increased supply capacity to meet the 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. Photographer Ami Ehrlich
Ofir Azriel CEO of Astroscale Israel. Photographer Ami Ehrlich

According to Ofir Azriel, CEO of Astroscale Israel, the global economy is more dependent on satellite data than at any time in history, and this dependence is only increasing. "Astroscale is a pioneer in the development of services for satellites in orbit, such as disposal of satellites that have reached the end of their life, active space debris removal and extending the life of satellites. The demand for our solutions is increasing and the preparation in Israel is accordingly. We registered a continuous growth of tens of percent in power station and recently even inaugurated in Tel Aviv a new laboratory for computer vision and a clean room for mechanical design, production and assembly of standard space systems. These are steps that constitute another leap forward in the private/commercial space industry in Israel."

Astroscale has a variety of tasks 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 large-scale removal of 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 intended 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 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.

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