May 21, 2024
Finance GCC Saudi Arabia Space

Axiom Space gets AED1.2 billion in a Saudi-led funding round

Axiom Space, the Houston-based space and aerospace company building the world’s first commercial space station in low-Earth orbit (LEO), has secured AED1.2 billion ($350 million) in its latest funding round.

With the latest investment round being led by Riyadh-based AlJazira Capital and Seoul-headquartered Boryung and supported by backers that include deep-tech venture capital funds and strategic brand partners, Axiom Space has lifted its total funds from investors to more than AED1.85 billion ($505 million). It has, to date, received over AED8.09 billion ($2.2 billion) in customer contracts.

The latest funding injection makes Axiom Space second only to space industry competitor SpaceX for the most money raised by a private space company in 2023, based on PitchBook data.

From the Middle East

AlJazira Capital invests in innovative startup companies across various sectors, specialises in the securities business, and provides global clients dealing, underwriting, managing, arranging, advisory, and custody services.

CGI of Axiom Station - the world's first commercial space station. Image: Axiom Space
CGI of Axiom Station – the world’s first commercial space station. Image: Axiom Space

Boryung, a healthcare investment company and multi-round lead investor in Axiom Space aims to establish a space healthcare ecosystem that supports long-duration human space missions and uses the space environment to develop new technologies on Earth.

Michael Suffredini, CEO of Axiom Space, said: “We are honoured to team with investors like AlJazira Capital, Boryung and others, who are committed to realising the Axiom Space vision.

“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.

‘ISS legacy’

“We are building on the legacy of the International Space Station [ISS], leveraging the pillars constructed in low-Earth orbit more than two decades ago to support a burgeoning global space economy now, Suffredini added (featured image, right).

Naif Al Mesned, CEO and Managing Director of AlJazira Capital stated: “We believe in the importance of innovation in various sectors and across multiple markets.

“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,” said Al Mesned.

Founded in 2016, Axiom Space has a solid strategic partnership track record.

Video: Axiom Space

Axiom is the only space company authorised by NASA to attach its first in-house developed commercial space station module to the ISS.

The company’s first commercial space station 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 for the benefit of global customers by 2031 when NASA plans to retire the ISS permanently.

The company has also won a long-term NASA contract worth AED4.63 billion ($1.26 billion) to provide Exploration Extravehicular Activity Services spacesuits for the US space agency’s lunar and low-Earth Orbit missions.

As a leading provider of human spaceflight services and developer of human-rated space infrastructure, Axiom Space operates end-to-end missions to the ISS while developing its successor, Axiom Station – the world’s first commercial space station in low-Earth orbit.

Last Updated on 2 months by Arnold Pinto

    Arnold Pinto

    Arnold Pinto

    Arnold Pinto is an award-winning journalist with wide-ranging Middle East and Asia experience in the tech, aerospace, defence, luxury watchmaking, business, automotive, and fashion verticals. He is passionate about conserving endangered native wildlife globally. Arnold enjoys 4x4 off-roading, camping and exploring global destinations off the beaten track.
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