Mitsubishi Electric Corporation (TOKYO: 6503) has revealed that the firm’s ME Innovation Fund has invested in Zenno Astronautics Ltd., a New Zealand-based startup company that develops superconducting technology for space applications — this is the ninth investment that the fund has made to date.
As satellites have become smaller and less expensive and the number of satellite launches is increasing rapidly, the importance of attitude control, a vital technology for the operation of artificial satellites, has also increased. Attitude control plays a crucial role in the success of a satellite’s mission, such as communication, observation, and data collection by adjusting and maintaining the satellite’s attitude, allowing for precise positioning of communication antennas, cameras, and sensors.
Zenno Astronautics, led by a CEO who has been studying space applications of superconducting technology for many years, is a developer of an innovative satellite attitude control component that uses superconducting technology to efficiently generate a magnetic field with small energy loss. In addition to being smaller than conventional components, this component has advantages in many areas including generation of high-efficiency torque with lower power consumption.
By investing in Zenno Astronautics, the goal of Mitsubishi Electric is to boost the company’s competitiveness in the space business by studying and evaluating the technology of Zenno Astronautics’ satellite attitude control component with the vision of applying it to the company’s satellites.
Zenno Astronautics secures investment from Global Brain that represents ANA HOLDINGS + Mitsubishi Electric
New Zealand venture capital (VC) firm Global From Day One (GD1) leads a seed expansion investment round for Zenno — Japan’s Global Brain, ANA HOLDINGS and Mitsubishi Electric join in, marking the VC’s first investment in Australasia
Additional significant investment were also received from Shasta Ventures and support from other existing investors, including Nuance, K1W1, UniServices, NZVC and New Zealand Growth Capital Partners (NZGCP)’s Aspire Seed Fund.
In a significant new development, Global Brain, one of the largest venture capital firms in Japan with more than $2 billion under management and extensive expertise in the space sector, joined the round. Contributing investment on behalf of ANA HOLDINGS and Mitsubishi Electric, two of Japan’s most prominent corporations, demonstrates strong international confidence in Zenno’s superconducting technology for space applications.
Zenno is at the forefront of superconducting technologies for various space applications, first focusing on high-precision, fuel-free satellite positioning. Zenno’s product (Z01) scales to address demanding positioning requirements for satellites from 50kg and up to space station sized. The product addresses the ongoing need for satellites to reposition in orbit to maximise commercial value. The company’s patented superconducting electromagnet technology is engineered for reliability, scalability, and fully electric space functionality.
Zenno co-founder and CEO, Max Arshavsky, said, “Zenno builds for life in space. Our mission is to create enabling and highly scalable technologies that will allow humanity to prosper in space without dependence on Earth’s resources, such as the need for fuel, radiation shielding, and frequent resupply of spacecraft on-orbit. We are very pleased to partner with Global Brain and their lead, a space evangelist and pioneer, Mr Hidetaka Aoki, who will join Zenno’s board as an observer. This injection of expertise and capital will accelerate Zenno’s ability to deliver the benefits of our technology to global space sector customers. Partnerships with ANA HOLDINGS and Mitsubishi Electric will ensure that Zenno’s technology is available and deployed in the Japanese market. This investment round also underscores the shared ambitions of New Zealand and Japan–one of the world’s largest space economies–in advancing an innovative space ecosystem. Our two countries have much to gain from each other’s expertise: Zenno was the first company to take superconducting electromagnets to space, and Japan is the global leader in terrestrial applications and production of superconducting technologies.”
Global Brain Corporation CEO, Yasuhiko Yurimoto, said, “This represents Global Brain’s first investment in New Zealand, and we are thrilled to support Zenno’s groundbreaking innovations in superconducting technology for space applications. Global Brain greatly values Zenno’s technical expertise and visionary approach to advancing the space industry with scalable solutions. We are dedicated to leveraging our resources to support Zenno’s global growth, including their expansion into the Japanese market.”
