Advanced Television

Axiom Space raises $350m

August 24, 2023

By Chris Forrester

Axiom Space has raised $350 million (€322.9m) in its most recent funding round as it continues to develop a private orbiting space station in a partnership with NASA.

The cash, from an array of diverse backers that include deep-tech venture capital funds and strategic brand partners have positioned Axiom Space as second to SpaceX for the most amount of money raised by a private space company in 2023 based on pitchbook data.

To date, Aljazira Capital and Boryung have anchored the financing round.

Axiom Station’s first space module is under construction and is scheduled to launch to the ISS by 2026. Additional modules will follow to build out Axiom Station, which will be ready to separate from the ISS and operate independently, in support of customers around the world, by 2031 when NASA plans to retire the ISS.

“We are honoured to team with investors like Aljazira Capital, Boryung and others, who are committed to realising the Axiom Space vision,” said Axiom Space CEO/president Michael Suffredini. “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, one of the major financial powerhouses in Saudi Arabia, has been making significant strides in the world of investment, notably in innovative startup companies across various sectors. Naif AlMesned, CEO/MD of Aljazira Capital, said, “We believe in the importance of innovation in various sectors and across various markets. In line with the Saudi Vision 2030’s transformative approach, we acknowledge the need for technology toward the advancement of human life. To that end, we are excited to support Axiom Space along its journey of building for beyond.” Aljazira Capital highlighted that it has a profound interest in advancing new technologies and fostering innovation in diverse markets. Its portfolio includes investments in a number of exciting technology-driven ventures, with a distinct focus on enabling businesses that make an impact on society.

Boryung, a healthcare investment company and multi-round lead investor in Axiom Space, strives to establish a space healthcare ecosystem that supports long-duration human space missions and utilises the space environment to develop new technologies on Earth innovatively. According to Jay Kim, Boryung Chairman, Axiom Station is the preeminent platform for this type of development. “We recognize the depth of human spaceflight knowledge and the level of space station construction and management experience at Axiom Space, as well as the sophistication of the company’s sales and business strategy,” Kim said. “We have a shared vision and ethos and are excited to build opportunity together.”

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