UTokyo IPC, Keio Innovation Initiative and Innovations and Future Creation have contributed to a $79.7m series A that increased the Tokyo spinout's total funding to about $100m.
Synspective, a Japan-based synthetic aperture radar (SAR) satellite spinout of University of Tokyo, has raised ¥8.67bn ($79.7m) in a series A round featuring UTokyo Innovation Platform (IPC) and Keio Innovation Initiative (KII).
Innovations and Future Creation, a VC fund affiliated with Tokyo Institute of Technology, also participated int the round. UTokyo IPC and KII are the respective venture funds of University of Tokyo and Keio University.
General contractor Shimizu and property developer Mori Trust, IT equipment and real estate leasing firm Fuyo General Lease also took part, as did financial services firms Mizuho Financial Group, SBI and Mitsubishi UFJ Trust and Banking Corporation.
Jafco, aStart and Abies Ventures also joined the round, which took Synspective’s overall funding to approximately $100m. Mizuho and SBI took part through their Mizuho Capital and SBI Investment subsidiaries.
Founded in early 2018, Synspective develops SAR technology-powered small observation satellites that provide accurate Earth observation data notwithstanding adversarial conditions including rain clouds or the commencement of dusk.
The company intends to utilise the series A funding to strengthen its SAR-powered satellite development and manufacturing structure, aiming to carry out daily observation of the world’s major cities with a constellation of 25 satellites.
The funding came after Synspective secured $2.7m in a December 2018 round featuring UTokyo IPC and Jafco.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
