In a significant move, Woven by Toyota, a research unit of the world’s largest carmaker group, has announced that it will invest in Japanese startup Interstellar Technologies (IST). The investment is aimed at supporting the mass production of rockets for IST.
$44.4 Million Investment in IST
According to a statement from IST, Woven by Toyota will invest approximately 7 billion yen ($44.4 million) in the company as part of its Series F funding. This investment will be made through the first close of the funding round.
Strategic Partnership between Woven and IST
As part of the capital and business tie-up, Woven by Toyota will appoint a director to IST’s board. This strategic partnership is expected to strengthen supply chains and corporate governance for rocket production at IST. The announcement comes as part of Toyota’s expansion into the space sector.
Toyota Chairman Akio Toyoda’s Vision for Space Exploration
In his speech at the CES trade show in Las Vegas on Monday, Toyota Chairman Akio Toyoda emphasized the importance of exploring space beyond Earth. He stated that "The future of mobility shouldn’t be limited to just Earth, or just one car company." Toyoda also announced that Toyota is exploring rockets as part of its experimental Woven City project.
Woven City Project: A Futuristic Vision
Launched in 2020, the Woven City project aims to create a futuristic city with autonomous driving technology. The project’s vision includes the use of robots and artificial intelligence to improve urban life. Toyoda’s speech at CES highlighted the company’s commitment to exploring space as part of its broader vision for mobility.
Toyota’s Space Ambitions
Apart from launchers, Toyota is building a lunar rover with Japan’s space agency that can carry astronauts on the moon’s surface as part of the NASA-led Artemis programme. The commercial race for space has accelerated over the past decade, led by Elon Musk’s rocket and satellite company SpaceX.
IST: A Pioneer in Japanese Space Industry
Hokkaido-based IST became the first Japanese company to send a commercially developed rocket into space in 2019. However, its orbital launcher, Zero, remains under development. IST’s rival, Space One, attempted a second flight of its orbital rocket Kairos last month but failed.
Japanese Government’s Ambitious Space Plan
The Japanese government aims to launch 30 rockets annually by the early 2030s and make Japan Asia’s space hub. The country has set an ambitious target of creating an 8 trillion yen ($51 billion) space industry, with subsidies granted to startups such as IST and Space One.
Conclusion
Toyota’s investment in IST marks a significant step towards its expansion into the space sector. With its strategic partnership with Woven by Toyota, IST is poised to benefit from strengthened supply chains and corporate governance. As Japan strives to become Asia’s space hub, this investment is expected to play a crucial role in the country’s ambitious space plans.
Key Points:
- Woven by Toyota will invest $44.4 million in Interstellar Technologies (IST) as part of its Series F funding.
- The investment is aimed at supporting mass production of rockets for IST.
- As part of the partnership, Woven will appoint a director to IST’s board and strengthen supply chains and corporate governance.
- Toyota Chairman Akio Toyoda emphasized the importance of exploring space beyond Earth in his speech at CES.
- Toyota is building a lunar rover with Japan’s space agency as part of the NASA-led Artemis programme.
Related Articles:
- Toyota Expands into Space Sector with Woven City Project
- Japan Aims to Launch 30 Rockets Annually by Early 2030s
About the Authors:
- Juby Babu is a Reuters journalist based in Mexico City, covering business and technology news.
- Kantaro Komiya is a Reuters journalist based in Tokyo, covering business and technology news.
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