Houston-based Axiom Space secured a significant boost of $350 million in funding. The Series-C funding round was led by Aljazira Capital from Saudi Arabia and Boryung Pharmaceutical, a prominent South Korean healthcare company.
This investment comes at a time when space technology funding has faced challenges, making Axiom Space’s achievement even more notable. The company’s valuation has now surpassed $1 billion.
The primary focus of the company is on constructing a commercial space station, with the first module currently under construction and set to launch to the International Space Station by 2026. These modules will eventually separate from the ISS, forming the core of an independent space station.
In the lead-up to these modules, Axiom has embarked on a series of private astronaut missions to the space station using SpaceX’s Crew Dragon spacecraft. This initiative, which has already seen the successful Ax-2 mission in May, is set to continue with Ax-3 planned for early 2024.
NASA has also awarded Axiom Space a substantial $1.26 billion contract covering “Exploration Extravehicular Activity Services,” which includes providing spacesuits for the agency’s lunar missions, as well as for the International Space Station program.
“We are honored to team with investors like Aljazira Capital, Boryung, and others, who are committed to realizing the Axiom Space vision,” said Axiom Space CEO and president Michael Suffredini in an August 21 press release. “Together, we are working to serve innovators in medicine, materials science, and on-orbit infrastructure who represent billions of dollars in demand over the coming decade. We are building on the legacy of the International Space Station, leveraging the pillars that were constructed in low-Earth orbit more than two decades ago, to now support a burgeoning global space economy.”
Aljazira Capital, a Saudi investment firm under Bank Al Jazira, and Boryung Pharmaceutical have both demonstrated keen interest in Axiom Space. Boryung’s previous $50 million investment in the company marked it as a “multi-round lead investor.”
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Naif AlMesned, CEO and managing director of Aljazira Capital, highlighted the firm’s alignment with Saudi Vision 2030’s transformative approach and support for Axiom Space’s journey in pioneering beyond our planet.
Despite the challenges faced by the space technology funding landscape, Axiom Space’s success story stands out. The sector witnessed a significant uptick in 2021, reaching an impressive record of $12.1 billion in funding across more than 450 deals.
Although there was a moderate decline in venture funding the following year, space technology startups still managed to raise a substantial $9 billion in just under 400 deals.
Overall, Axiom Space hosts an impressive portfolio of customer contracts exceeding $2.2 billion, with NASA’s spacesuit award being a prominent component. The completion of the Series-C funding round pushes the company’s total raised funds to an impressive sum of over $505 million.
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