MJOLNIR Spaceworks closes ¥1.7B Series B for hybrid rocket engines
What's the deal? Sapporo-based MJOLNIR Spaceworks (MSW), a startup developing hybrid rocket engines and space-grade tanks for mass production, has closed a Series B round of up to ¥1.7B (~$11M). The round combines ¥1.2B in equity and a ¥500M credit facility from Shoko Chukin BankDealroom has a profile for this one. Try Dealroom →.
Equity investors include Incubate FundDealroom has a profile for this one. Try Dealroom →, Space Frontier Fund No. 2 (managed by SPARX Asset ManagementDealroom has a profile for this one. Try Dealroom →), JIC Venture Growth InvestmentsDealroom has a profile for this one. Try Dealroom →, and Z Venture CapitalDealroom has a profile for this one. Try Dealroom →. The round brings MSW's total funding to ¥2B.
Why now? Demand for small satellite launches is surging as commercial space development accelerates globally. MSW's hybrid rocket engine — which combines liquid and solid fuels — promises a safer, cheaper alternative to conventional propulsion, and the startup says its technology has gained recognition through selection for Japan's national Space Strategy Fund.
The funds will go toward boosting engine thrust and cutting weight, expanding test facilities, designing next-generation engines, and hiring specialists in propulsion, avionics, and structural engineering.
What could go wrong? Deep-tech rocket development is capital-intensive and slow. MSW's ambition to make rockets and components "as mass-produced as cars" faces steep engineering hurdles, long certification timelines, and fierce global competition from better-funded players in the US, Europe, and China.
The company, founded in 2020, is still in the R&D phase. Turning lab-proven engines into reliable, mass-manufactured products is a leap that has tripped up far larger ventures.
The signal: MSW's investor mix — spanning a government-affiliated corporate lender (Shoko Chukin Bank), a state-backed VC (JIC Venture Growth Investments), and private funds including Z Venture Capital and Incubate Fund — reflects a coordinated public-private push to build domestic space supply-chain capability. With total funding now at ¥2B for a company still at the R&D stage, the willingness of this diverse syndicate to back a components-first thesis suggests growing conviction in Japan that the real chokepoint for high-frequency launches is industrial capacity, not just vehicle design.
Read more: prtimes.jp
