Japanese Propulsion Startup Pale Blue Secures Further Funding
Pale Blue, a Japanese space propulsion startup, has secured a further $7.5 million (1 billion yen) in funding, the company announced Oct. 5. The company also announced that it had has been selected by NEDO, a national research and development agency in Japan, for its Deep Tech Startups (DTSU) support program – DMP phase (Demonstration development for Mass Production).
Pale Blue will now set up a new production facility while enhancing propulsion system design for mass production. Pale Blue’s Series B funding was done with Mitsui Sumitomo Insurance Venture Capital and Incubate Fund, long-term investors in the company.
With the Series B round of financing now in place, Pale Blue aims to further accelerate R&D of propulsion systems for small satellites. In addition, following the successful in-orbit operation of its water-based propulsion system in March 2023, the company will scale up the team and set up a production facility. The company was founded in 2020, and is one to watch in the Japanese space sector.
“Through the awarded DTSU program, we will accelerate R&D work to establish mass production technology and will install necessary production equipment. Water-based propulsion systems will contribute to the sustainable development of the space industry. We will continue to develop new technologies and create mobility infrastructures that are core to the space industry,” Jun Asakawa, CEO and co-founder of Pale Blue said in a statement.