Zenno Astronautics gains support from Japanese space leaders in latest funding round

Written by Copernical Team Friday, 29 November 2024 02:43

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Sydney, Australia (SPX) Nov 29, 2024

New Zealand-headquartered Zenno Astronautics has announced the initial close of its seed expansion funding round, marking a major milestone for the space-focused superconductor company. The round was led by New Zealand's Global From Day One (GD1), with notable contributions from Shasta Ventures and existing backers such as Nuance, K1W1, UniServices, NZVC, and New Zealand Growth Capital Partners

Zenno Astronautics gains support from Japanese space leaders in latest funding round
by Simon Mansfield
Sydney, Australia (SPX) Nov 29, 2024

New Zealand-headquartered Zenno Astronautics has announced the initial close of its seed expansion funding round, marking a major milestone for the space-focused superconductor company. The round was led by New Zealand's Global From Day One (GD1), with notable contributions from Shasta Ventures and existing backers such as Nuance, K1W1, UniServices, NZVC, and New Zealand Growth Capital Partners (NZGCP)'s Aspire Seed Fund.

Global Brain, one of Japan's largest venture capital firms with over USD 2 billion under management, also joined the round. This strategic investment was made on behalf of ANA HOLDINGS and Mitsubishi Electric, two prominent Japanese corporations, highlighting growing international confidence in Zenno's superconducting technology for space applications.

Zenno's innovations center on superconducting technologies designed for fuel-free satellite positioning. Its Z01 product is capable of managing high-precision positioning for satellites ranging from 50kg to space station-sized systems. With the growing demand for satellites to optimize their orbital positions, Zenno's patented superconducting electromagnet technology offers a reliable, scalable, and fully electric solution.

Zenno CEO and co-founder Max Arshavsky emphasized the company's mission to support long-term human presence in space. "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 in orbit," he said.

Arshavsky noted the importance of the partnership with Global Brain and the expertise of Mr. Hidetaka Aoki, a space industry pioneer, 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," he added.

The collaboration also reflects a growing partnership between New Zealand and Japan in advancing the space industry. "This investment round underscores the shared ambitions of New Zealand and Japan-one of the world's largest space economies-in advancing an innovative space ecosystem," said Arshavsky. "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."

Yasuhiko Yurimoto, CEO of Global Brain, highlighted the significance of this development, saying, "This represents Global Brain's first investment in New Zealand, and we are thrilled to support Zenno's 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."