Pale Blue Inc. has completed its Series B funding round of 2.5 billion yen (approx. $16 million)— this funding will accelerate research, development, and manufacturing of propulsion systems for small satellites.
The Series B funding round was completed through a third-party allocation of new shares to venture capital and CVC funds. Including the amount raised during the first close announced in October of 2023, the total amount raised in this Series B funding round is approximately 2.5 billion yen (approx. $16 million). With this funding, the company will focus on the development and on-orbit demonstration of the firm’s water ion thruster and water Hall-effect thruster, the establishment of a development base for production technologies, and the enhancement of the Pale Blue team.
Jun Asakawa, CEO and Co-Founder of Pale Blue, said, “With this Series B funding round, Pale Blue will strengthen its team while accelerating the development and on-orbit demonstration of our water ion thruster and water Hall-effect thruster, as well as the establishment of a development base for production technologies. We are deeply grateful for the support of our investors and remain committed to developing innovative technologies and implementing them in society. We will create a mobility that is core to the space industry and pioneer the expansion of human possibility.”
CEO and General Partner Kazumasa Watanabe of aSTART Co., Ltd., said, “Our company has cultivated extensive knowledge and relationships, particularly with enterprises providing low Earth orbit services for small satellites. One of the significant challenges we have identified is the absence of propulsion systems that can deliver safety, high-performance, low-cost, sustainability, and short-lead-times. Pale Blue is developing technologies that address all these issues simultaneously, revolutionizing the satellite propulsion market. We are fully committed to supporting this transformative journey that will change the world.”
Yasuhiro Saito Department Manager, Innovation Department, YAMATO TRANSPORT CO., LTD., Senior Manager, Innovation Department, YAMATO HOLDINGS CO., LTD., said, “We have decided to make an additional investment in Pale Blue in the hope that its advanced technological capabilities will make a significant contribution to the market expansion of the space industry. We are also attracted to Pale Blue because it is a company that addresses environmental issues and has a high affinity with our goal of contributing to the realization of a sustainable future. We will continue to work with the company to create new value.“
Hidetaka Aoki, Partner/Fellow, Global Brain Corporation, said, “Following the previous Series A round, we have made additional investment in Pale Blue. We think Pale Blue deserves credit for speedily promoting its business based on its advanced technological capabilities, and for having a solid track record in space. Space Sustainability is becoming an increasingly important theme, and we expect Pale Blue to become a world leader in this field as well.”
General Partner Shinzo Nakano / Principal, Kaoru Nakagamie of ITC Ventures, Inc., said, “In recent years, the space business has been experiencing significant global growth, and it remains one of the few promising sectors where Japanese startups can compete on an international level. Pale Blue, a highly capable startup originating from the University of Tokyo, has already built a strong track record of orders from both domestic and international clients. We have decided to invest in this promising company and are committed to fully supporting their business expansion as ITV.””
Pale Blue is a space technology company that was spun out from the University of Tokyo in 2020. The company is dedicated to providing a propulsion solution for spacecraft and it produces a range of systems that use water as a propellant. Through its innovative propulsion technology, Pale Blue aims to create mobility that is core to the space industry.
