Apr 22, 2024 15:09 JST

Source: NEC Corporation

NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II

TOKYO, Apr 22, 2024 - (JCN Newswire) - NEC Corporation (NEC; TSE: 6701) today announced a strategic investment in "Seraphim Space Venture Fund II," a pioneering venture capital fund specializing in the space industry and operated by Seraphim Space, the most prolific investor globally in this domain.

Seraphim Space boasts a distinguished portfolio comprising over 100 space-related startup companies, covering a spectrum of stages from seed to later stages. Their investments span the entire space ecosystem including upstream (satellite manufacturing, launch, space stations, return to earth logistics and in-orbit services such as debris removal) to downstream (utilization of satellite data in areas such as climate and sustainability, telecommunications, IoT, positioning and navigation).

Seraphim Space Venture Fund II, in which NEC is investing, was created to support the next generation of early-stage space companies worldwide seeking funding.

"NEC has long been involved in space-related business, including the development and manufacture of satellites," said Etsuko Hirose, General Manager, Aerospace and National Security Business Planning Department, NEC. "To further expand its business, NEC aims to foster collaboration with Seraphim Space portfolio companies across both upstream and downstream sectors, thereby advancing our global space-related business. This investment in Seraphim Space Venture Fund II underscores NEC’s unwavering dedication to advancing innovation and harnessing its potential for the betterment of society."

Mark Boggett, Chief Executive for Seraphim Space Manager LLP, said: "We are delighted to have NEC, a leading global information technology and electronics corporation, as a key investor in the fund."

Boggett elaborated on the growth potential of the space sector, highlighting the myriad technological advancements driving innovations across industries. "The space sector's rapid expansion presents unprecedented opportunities for disruptive growth and consolidation. The Seraphim Space Venture Fund II is uniquely positioned to support the next generation of space startups, including those emerging in fast-growing Asian markets."

About NEC Corporation

NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.

Source: NEC Corporation
Sectors: Aerospace & Defence

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

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