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

Overseas Partner

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

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 company focused on developing a space technology platform aimed at establishing a logistics network throughout the solar system. It specializes in the production of hybrid propulsion engines designed for small spacecraft. By utilizing innovative materials such as plastic, Letara's propulsion systems offer high thrust while prioritizing safety and cost-effectiveness. The company's technology is tailored for small satellites engaged in research and development, enabling more affordable propulsion solutions that enhance both Earth orbital operations and deep space exploration.

Letara

Seed Round in 2024
Letara is a company focused on developing a space technology platform aimed at establishing a logistics network throughout the solar system. It specializes in the production of hybrid propulsion engines designed for small spacecraft. By utilizing innovative materials such as plastic, Letara's propulsion systems offer high thrust while prioritizing safety and cost-effectiveness. The company's technology is tailored for small satellites engaged in research and development, enabling more affordable propulsion solutions that enhance both Earth orbital operations and deep space exploration.

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, specializing in the manufacture of thrusters for microsatellites. Founded in 2020, the company focuses on developing water propulsion systems, including water resistojet thrusters, water ion thrusters, and hybrid thrusters. These innovative propulsion devices are designed to enhance the maneuverability of small satellites in orbit while promoting sustainable space development by utilizing environmentally friendly water-based solutions instead of harmful chemicals like hydrazine. Pale Blue's contributions aim to advance satellite mobility infrastructure within 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 provider of space-related services that focuses on facilitating the industrialization of space. The company aims to serve as a comprehensive resource for businesses developing new technologies, helping them navigate challenges in the commercialization of low Earth orbit. By adopting a business-driven approach, Space BD seeks to simplify access to space for scientists and organizations, thereby promoting innovation and growth in the space sector.

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, specializing in the manufacture of thrusters for microsatellites. Founded in 2020, the company focuses on developing water propulsion systems, including water resistojet thrusters, water ion thrusters, and hybrid thrusters. These innovative propulsion devices are designed to enhance the maneuverability of small satellites in orbit while promoting sustainable space development by utilizing environmentally friendly water-based solutions instead of harmful chemicals like hydrazine. Pale Blue's contributions aim to advance satellite mobility infrastructure within 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, specializing in the manufacture of thrusters for microsatellites. Founded in 2020, the company focuses on developing water propulsion systems, including water resistojet thrusters, water ion thrusters, and hybrid thrusters. These innovative propulsion devices are designed to enhance the maneuverability of small satellites in orbit while promoting sustainable space development by utilizing environmentally friendly water-based solutions instead of harmful chemicals like hydrazine. Pale Blue's contributions aim to advance satellite mobility infrastructure within the aerospace industry.

Space BD

Venture Round in 2019
Space BD is a provider of space-related services that focuses on facilitating the industrialization of space. The company aims to serve as a comprehensive resource for businesses developing new technologies, helping them navigate challenges in the commercialization of low Earth orbit. By adopting a business-driven approach, Space BD seeks to simplify access to space for scientists and organizations, thereby promoting innovation and growth in the space sector.

TeTra

Venture Round in 2019
TeTra Aviation Corp. is a Tokyo-based company founded in 2018, specializing in the design, research, and manufacturing of flying cars. The company focuses on developing electric vertical take-off and landing aircraft, aiming to revolutionize air mobility. TeTra's innovative single-seat flying cars are designed to enhance transportation options, particularly in emergency medical situations, allowing medical professionals to reach patients quickly in disaster areas or urban environments. In addition to its manufacturing capabilities, TeTra provides consulting and research services, offering comprehensive solutions that include both hardware and software development. Through its advancements in air mobility, TeTra strives to create new possibilities for personal and emergency transportation.

Space BD

Venture Round in 2018
Space BD is a provider of space-related services that focuses on facilitating the industrialization of space. The company aims to serve as a comprehensive resource for businesses developing new technologies, helping them navigate challenges in the commercialization of low Earth orbit. By adopting a business-driven approach, Space BD seeks to simplify access to space for scientists and organizations, thereby promoting innovation and growth in the space sector.

Space BD

Venture Round in 2017
Space BD is a provider of space-related services that focuses on facilitating the industrialization of space. The company aims to serve as a comprehensive resource for businesses developing new technologies, helping them navigate challenges in the commercialization of low Earth orbit. By adopting a business-driven approach, Space BD seeks to simplify access to space for scientists and organizations, thereby promoting innovation and growth in the space sector.

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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