Mitsui and Dai-ichi Life have backed a $22.9m investment round led by 31Ventures Global Innovation Fund that will fund the launch of Axelspace's latest satellite.

Japan-based small satellite builder Axelspace has closed a ¥2.6bn ($22.9m) series B round led by a vehicle formed by real estate developer Mitsui Fudosan. 31Ventures Global Innovation Fund, a joint venture between Mitsui Fudosan’s 31 Ventures investment vehicle, and investment firm Global Brain, was joined by diversified conglomerate Mitsui and insurance firm Dai-ichi Life. SBI…

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