The Japanese government is setting up a $940 million fund to support space startups.
The funds will be made available through investments and loans over the next five years, as part of a government-led initiative to double Japan’s more than $11 billion space industry. With less than 20 Japanese space start-ups currently operating, many see this as critical to helping new companies cover costs such as research or applying for patents….
Ispace has received government backing in the past, including during a recent $90.2 million round of funding that included Suzuki Motor and Japan Airlines. Founded seven years ago, ispace is stepping beyond the Google-backed Lunar XPRIZE competition to fund two exploration missions to the moon, with the first by the end of 2019 and the second by the end of 2020.
The Japanese government is setting up an agency to manage the funds and connect start-ups with local talent from organizations such as the Japan Aerospace Exploration Agency or the rocket-building arm of Mitsubishi Heavy Industries. Initially, start-ups will be eligible to each receive about $100,000 in aid to help present concepts to investors. Promising ventures and more mature companies will be able to tap into the rest of the $940 million fund to further development.
Japan also announced it is considering new laws and policies that would allow businesses to own plots of land developed on the moon, in a similar manner to the laws passed by the United States and Luxembourg.