Get All Access for $5/mo

Singapore's Astroscale Raises $30 Million Funding to Delete Space Junk The new funding brings the total raised by the company to date to $132 million

By Nidhi Singh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

Pexels

Space startups are quite literally redefining the concept of shooting for the stars. Gone are the days when the sector was only restricted to the government's role. Today, entrepreneurs are changing the space landscape for good. Tokyo-based Astroscale has also kicked off a space race by addressing the business of orbital debris mitigation. Headquartered in Singapore, the startup is developing innovative and scalable solutions for satellite end-of-life and active debris removal services to mitigate the growing and hazardous buildup of debris in space. Astroscale recently raised an additional $30 million funding and will open an office in the United States to lead new business opportunities.

Securing Funding

At the 35th Space Symposium the company announced that it added $30 million to an earlier $50 million Series D round raised in October 2018. Several Japanese funds participated in the round, including some who previously invested in Astroscale. The new funding brings the total raised by the company to date to $132 million.

"This is an exciting time for Astroscale and marks a significant milestone for the company, its employees and future customers who will all benefit from the opportunities this expansion presents. The United States has been active in addressing issues related to space traffic management and the mitigation of orbital debris. An office in the United States will allow us to work closely with policy makers and business leaders to devise a sustainable solution for this global issue," said Nobu Okada, founder and chief executive officer, Astroscale.

The US Expansion

The US office will focus on business development and technology growth, and will be led by Ron Lopez as Managing Director. Most recently, Lopez led the Defense & Space Asia Pacific sales team at Honeywell Aerospace, helping the company achieve significant sales growth and expansion into new markets.

"Astroscale US will be an active part of Colorado's vibrant space economy. We are eager to work within this diverse and growing ecosystem to fuel Astroscale's global growth and contribute to the success of the region," said Lopez. Astroscale is currently developing its second mission, ELSA-d, a technology demonstration for end of-life services and pursuing complementary missions with potential customers.

Founded in 2013 by a single individual, Astroscale has grown into an organization of nearly 60 people and is spread across four countries, with most of the team located at an R&D and manufacturing office in Tokyo, which has existed since 2015. Overall, its management team brings decades of experience in the technical, business, policy and fundraising aspects of the aerospace industry. In addition to developing the technology necessary for debris removal, Astroscale is an active participant in the formulation of global best practices and standards that will facilitate future in-orbit servicing activities. By addressing both technical and policy aspects, the company is leading the creation of the business case for orbital debris removal.

Nidhi Singh

Former Correspondent, Entrepreneur Asia-Pacific

A self confessed Bollywood Lover, Travel junkie and Food Evangelist.I like travelling and I believe it is very important to take ones mind off the daily monotony .

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Marketing

Your Most Powerful Marketing Weapon Is Hiding in the Finance Department — Here's Why

Transform your marketing leadership by turning finance from a barrier into a strategic ally. Learn how aligning with your finance team can drive unprecedented growth and innovation.

Starting a Business

They Bought an Ice Cream Truck Off eBay for $5,000. Now Their Company Has 70 Shops and Sells Treats in Over 12,000 Stores.

For the episode of "The Founder CEO," the co-founder and CEO of Van Leeuwen Ice Cream explains how one ice cream truck grew into a successful nationwide brand.

Growing a Business

How Connecting With the Right Audience Drives Long-Term Business Success

Here's how targeted lead generation can help you unlock higher conversions, stronger brand loyalty and scalable growth.

Business News

Meta Makes $1 Million Dollar Donation to Donald Trump's Inaugural Fund

Meta CEO Mark Zuckerberg also reportedly gave Trump a pair of Ray-Ban Meta smart glasses.

Career

Why Entrepreneur Stands Against the PRO Act

The Protecting the Right to Organize Act could do lasting harm to the small-business and franchise community.