Axelspace Raises Funds Of IDR 676.7 Billion For AxelLiner Satellite Project

JAKARTA - Axelspace, Japan's commercial space company, is close to raising $44 million to expand the constellation of satellites observing Earth.

Based on Spacenews' report, the funds in the Series D round collected amounted to 43.9 million US dollars or around Rp676.72 billion. These funds come from several companies investing in Japanese venture funds and venture funds.

This Series D fund round will focus on Axelspace's new initiative called AxelLiner. This initiative will manufacture, launch, and operate new microsatellites for other customers. This initiative has been disclosed since 2022.

The new companies that will cooperate with AxelLiner are Misumi Group Ltd. and Yuki Holdings Inc. After the satellite request is completed by Axelspace, the company plans to hold its first satellite demonstration in early 2024.

"With this financing, we look forward to further strengthening the business foundations of AxelGlobe and AxelLiner services and making ourselves a leading player in providing comprehensive microsatellite solutions," said Axelspace CEO Yuya Nakamura.

In 2021, Axelspace raised smaller funds in the Series C round. The funds raised were around US$23.8 million (Rp366.8 billion). The proceeds from this fundraising were used for AxelGlobe's initiative.

AxelGlobe is a five microsatellite operating service that provides medium resolution imagery. His first satellite was launched in 2018, while the remaining four satellites were launched in 2021 after the company completed the Series C round.