QPS Research Institute Secures $7.6m in Funding for Expansion of Small SAR Satellite Constellation
On March 9, QPS Research Institute announced it had raised approximately $7.6 million through third-party allotments, bolstering its efforts to build a constellation of small synthetic aperture radar (SAR) satellites.
Backing the project are four prominent underwriters: MSIVC2021V Investment Business Limited Liability Union, operated by SKY Perfect JSAT, Nippon Koei, and Mitsui Sumitomo Insurance Capital, along with Real Tech Growth Fund No. 1 Investment Business Limited Liability Union, jointly managed by NAMY and Ibis Capital Partners. The latest funding round brings the total amount raised to approximately $69.92 million.
In October 2022, QPS Research Institute suffered a setback when two small SAR satellites, QPS-SAR 3 and 4, were lost due to a rocket failure. Undeterred, the company has secured launch contracts for the subsequent satellites with Virgin Orbit and SpaceX.
The newly acquired funds will be allocated towards the construction of a new factory for mass satellite production and the development and operation of satellites beyond the eighth unit, further solidifying QPS Research Institute’s position in the growing space industry.