Axelspace Corporation, a leading micro-satellite developer, today announced the financing of ¥100 million ($0.8 million) as its Series A additional round, in which ITOCHU Technology Ventures Inc. and Weathernews Inc. participated. Weathernews Inc. agreed to build strategic business ties with Axelspace at the same time. The total amount of Series A funding this time has reached ¥1.9 billion ($15.8 million).
Axelspace will use this funding to develop and launch 3 micro-satellites for Earth observation in 2017. The company will then enter into satellite image and data service market in collaboration with its strategic business partners.