Spacetech startup Astroscale receives $4.5m grant to bring its tech to market
Japan-based Astroscale, which develops technology for removing space debris, announced that it has been awarded a grant of up to US$4.5 million by the Tokyo Metropolitan Government’s Innovation Tokyo Project.
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Astroscale team / Photo credit: Astroscale
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The startup will use the funds over the next three years to commercialize its active debris removal services and develop global sales channels with satellite operators, national agencies, and insurance players. It will also continue pursuing joint research and development contracts, conduct safety and risk assessments of client satellites, and grow its finance and human resource teams.
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The program, which was launched last year, is designed to subsidize up to half of the expenses for developing and commercializing innovative products and services, according to a statement. Astroscale received half of its US$9 million grant application.
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“To address the issue of space debris removal and mitigation, it is necessary to both advance innovative technologies and cooperate on policy,” said Astroscale chief operating officer Chris Blackerby. “The support provided by the Tokyo Metropolitan Government allows us to do both in order to further develop the business case for Astroscale services […].”
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The company is preparing for the launch of its pioneering “End-of-Life Services by Astroscale demonstration” (ELSA-d) mission later this year, according to the statement. It is also working closely with multiple industry and government representatives to develop standards and best practices for safe and sustainable satellite servicing and debris removal.
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In April 2019, Astroscale secured US$30 million from several Japanese funds and existing investors for its series D round, which came on top of the US$50 million it had earlier raised. At the time, the company announced its plan to set up an office in Colorado to focus on business development and technology growth.
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In addition to Japan and the US, the startup also has offices in Singapore and the UK.