Incubate Fund

Incubate Fund, established in 2010, is a Japan-based early-stage venture capital firm specializing in seed-stage technology startups. With a portfolio of over 300 companies, it has facilitated 12 IPOs and 20 M&A exits since inception. Incubate Fund India, founded in 2016 and based in Bengaluru, operates as a subsidiary, focusing on pre-seed and seed-stage startups in India. Both entities are backed by Incubate Fund, with Incubate Fund III, a 2014 vintage fund, investing across Asia and North America in various sectors including technology, media, and logistics.

Yuuki Aono

Associate

Haruki Imaizumi

Associate

Gotoh Katsunari

Professional Partner

Masahiro Kitao

Professional Partner

Kazuki Koyama

Associate

Ryu Kusakabe

Associate

Dave Kwong

Associate

Misuzu Matsumoto

Associate

Nao Murakami

Co-Founder and General Partner

Kazuki Notsu

Co-Founder, Managing Director and Overseas Partners

Satoshi Nunokawa

Associate

Rajeev Ranka

Principal

Koichi Saito

Overseas Partner

Kyosuke Seto

Associate

Koki Tanaka

Associate

Ryo Taneichi

Associate

Tohru Akaura

Co-Founder and General Partner

Kyosuke Seto

Associate

Past deals in Aerospace

Ark Edge Space

Series B in 2025
ArkEdge Space is a manufacturer of microsatellites aimed at promoting space development and usage. The company develops and tests an ultra-small spacecraft that is responsible for communication and positioning systems for lunar activities, as well as establishes a method for cost reduction and mass production of high-performance 6U satellites, allowing businesses in positioning and communication technology to benefit the community by meeting their space needs.

Mjolnir Spaceworks

Series A in 2025
Manufacturer of hybrid rocket engines and propellant tanks designed for mass production of rockets. The company's platform uses solid plastic fuel and a liquid oxidizer, which is extremely safe and simple, enabling significant cost reduction and mass production, enabling consumers to experience the wonders of space travel and creating an era in which anyone can go to space.

Letara

Seed Round in 2024
Letara is a space technology company focused on developing a logistics network that spans the solar system. The company specializes in hybrid propulsion engines for small spacecraft, which are designed to deliver high thrust while maintaining safety and affordability. By utilizing innovative materials such as plastic in their propulsion systems, Letara aims to provide cost-effective solutions for small satellites engaged in research and development. This technology not only enhances activities in Earth's orbit but also facilitates deep space exploration, advancing the capabilities of businesses involved in the space sector.

Letara

Seed Round in 2024
Letara is a space technology company focused on developing a logistics network that spans the solar system. The company specializes in hybrid propulsion engines for small spacecraft, which are designed to deliver high thrust while maintaining safety and affordability. By utilizing innovative materials such as plastic in their propulsion systems, Letara aims to provide cost-effective solutions for small satellites engaged in research and development. This technology not only enhances activities in Earth's orbit but also facilitates deep space exploration, advancing the capabilities of businesses involved in the space sector.

Iwaya Giken

Venture Round in 2023
Iwaya Giken manufactures and sells gas balloons, airtight cabins, and other space-travel equipment.

Iwaya Giken

Venture Round in 2023
Iwaya Giken manufactures and sells gas balloons, airtight cabins, and other space-travel equipment.

Pale Blue

Series B in 2023
Pale Blue Inc. is a technology company based in Kashiwa, Japan, that specializes in manufacturing water propulsion systems for microsatellites. Founded in 2020, the company designs innovative thrusters, including water resistojet thrusters, water ion thrusters, and hybrid thrusters. These water-based propulsion devices provide a sustainable alternative to traditional, harmful compounds like hydrazine, allowing for enhanced maneuverability of small satellites even after they have been deployed into orbit. Pale Blue aims to support sustainable space development and improve satellite mobility infrastructure in the aerospace industry.

Iwaya Giken

Venture Round in 2022
Iwaya Giken manufactures and sells gas balloons, airtight cabins, and other space-travel equipment.

Ark Edge Space

Series A in 2022
ArkEdge Space is a manufacturer of microsatellites aimed at promoting space development and usage. The company develops and tests an ultra-small spacecraft that is responsible for communication and positioning systems for lunar activities, as well as establishes a method for cost reduction and mass production of high-performance 6U satellites, allowing businesses in positioning and communication technology to benefit the community by meeting their space needs.

Space BD

Venture Round in 2021
Space BD is a company focused on facilitating the industrialization of space by offering a comprehensive range of services tailored to address the challenges faced by businesses developing new technologies. By adopting a business-driven approach, Space BD aims to streamline access to space for scientists and organizations, thereby promoting the commercialization of low Earth orbit. The company positions itself as a one-stop solution for various space-related needs, ultimately seeking to simplify and enhance the process of space exploration and utilization for its clients.

Iwaya Giken

Seed Round in 2021
Iwaya Giken manufactures and sells gas balloons, airtight cabins, and other space-travel equipment.

Pale Blue

Series A in 2021
Pale Blue Inc. is a technology company based in Kashiwa, Japan, that specializes in manufacturing water propulsion systems for microsatellites. Founded in 2020, the company designs innovative thrusters, including water resistojet thrusters, water ion thrusters, and hybrid thrusters. These water-based propulsion devices provide a sustainable alternative to traditional, harmful compounds like hydrazine, allowing for enhanced maneuverability of small satellites even after they have been deployed into orbit. Pale Blue aims to support sustainable space development and improve satellite mobility infrastructure in the aerospace industry.

Ispace Technologies

Series C in 2021
Ispace Technologies is a Tokyo-based company specializing in space resource exploration, particularly focused on developing micro-robotic technology to facilitate the identification, extraction, and transportation of lunar resources, such as ice, essential for sustaining human life in space. Founded in 2013, Ispace is recognized for its innovative approach, utilizing 3D printing and commercially available products to create efficient and cost-effective solutions. The company is also involved in the Google Lunar XPRIZE Competition through its Team HAKUTO, which has gained recognition for its advancements in mobility and aims to land a privately funded robot on the Moon. Ispace’s micro-robots are designed to explore larger lunar areas quickly and economically, making significant strides towards establishing a sustainable presence in outer space.

Ark Edge Space

Seed Round in 2021
ArkEdge Space is a manufacturer of microsatellites aimed at promoting space development and usage. The company develops and tests an ultra-small spacecraft that is responsible for communication and positioning systems for lunar activities, as well as establishes a method for cost reduction and mass production of high-performance 6U satellites, allowing businesses in positioning and communication technology to benefit the community by meeting their space needs.

Iwaya Giken

Venture Round in 2021
Iwaya Giken manufactures and sells gas balloons, airtight cabins, and other space-travel equipment.

Ispace Technologies

Series B in 2020
Ispace Technologies is a Tokyo-based company specializing in space resource exploration, particularly focused on developing micro-robotic technology to facilitate the identification, extraction, and transportation of lunar resources, such as ice, essential for sustaining human life in space. Founded in 2013, Ispace is recognized for its innovative approach, utilizing 3D printing and commercially available products to create efficient and cost-effective solutions. The company is also involved in the Google Lunar XPRIZE Competition through its Team HAKUTO, which has gained recognition for its advancements in mobility and aims to land a privately funded robot on the Moon. Ispace’s micro-robots are designed to explore larger lunar areas quickly and economically, making significant strides towards establishing a sustainable presence in outer space.

Pale Blue

Seed Round in 2020
Pale Blue Inc. is a technology company based in Kashiwa, Japan, that specializes in manufacturing water propulsion systems for microsatellites. Founded in 2020, the company designs innovative thrusters, including water resistojet thrusters, water ion thrusters, and hybrid thrusters. These water-based propulsion devices provide a sustainable alternative to traditional, harmful compounds like hydrazine, allowing for enhanced maneuverability of small satellites even after they have been deployed into orbit. Pale Blue aims to support sustainable space development and improve satellite mobility infrastructure in the aerospace industry.

Space BD

Venture Round in 2019
Space BD is a company focused on facilitating the industrialization of space by offering a comprehensive range of services tailored to address the challenges faced by businesses developing new technologies. By adopting a business-driven approach, Space BD aims to streamline access to space for scientists and organizations, thereby promoting the commercialization of low Earth orbit. The company positions itself as a one-stop solution for various space-related needs, ultimately seeking to simplify and enhance the process of space exploration and utilization for its clients.

TeTra

Venture Round in 2019
Tetra Aviation Corp. specializes in the design, research, and manufacturing of flying cars, focusing on electric vertical take-off and landing aircraft. Founded in 2018 and headquartered in Tokyo, Japan, the company aims to enhance air mobility and functionality through its innovative products. Tetra's single-seat flying vehicles are specifically designed to facilitate rapid transportation, allowing medical professionals to reach emergency situations before traditional ambulances. This capability is particularly beneficial in disaster areas and urban environments, providing a new means of transportation for individuals and enhancing overall mobility solutions. In addition to manufacturing, Tetra Aviation offers consulting and research services, further solidifying its role in the evolving landscape of air transportation.

Space BD

Venture Round in 2018
Space BD is a company focused on facilitating the industrialization of space by offering a comprehensive range of services tailored to address the challenges faced by businesses developing new technologies. By adopting a business-driven approach, Space BD aims to streamline access to space for scientists and organizations, thereby promoting the commercialization of low Earth orbit. The company positions itself as a one-stop solution for various space-related needs, ultimately seeking to simplify and enhance the process of space exploration and utilization for its clients.

Space BD

Venture Round in 2017
Space BD is a company focused on facilitating the industrialization of space by offering a comprehensive range of services tailored to address the challenges faced by businesses developing new technologies. By adopting a business-driven approach, Space BD aims to streamline access to space for scientists and organizations, thereby promoting the commercialization of low Earth orbit. The company positions itself as a one-stop solution for various space-related needs, ultimately seeking to simplify and enhance the process of space exploration and utilization for its clients.

Ispace Technologies

Seed Round in 2016
Ispace Technologies is a Tokyo-based company specializing in space resource exploration, particularly focused on developing micro-robotic technology to facilitate the identification, extraction, and transportation of lunar resources, such as ice, essential for sustaining human life in space. Founded in 2013, Ispace is recognized for its innovative approach, utilizing 3D printing and commercially available products to create efficient and cost-effective solutions. The company is also involved in the Google Lunar XPRIZE Competition through its Team HAKUTO, which has gained recognition for its advancements in mobility and aims to land a privately funded robot on the Moon. Ispace’s micro-robots are designed to explore larger lunar areas quickly and economically, making significant strides towards establishing a sustainable presence in outer space.
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