Participated · Equity · Oct 2025

iSpace builds and operates robotic lunar landers aimed at transporting scientific and commercial payloads to the Moon. Although it has flown two missions, the company has yet to achieve a successful soft landing. Management is now focused on Mission 3 (target launch 2027) and Mission 4 (target launch 2028), which incorporate hardware upgrades intended to improve landing reliability. The firm recently secured new contracts, including a ¥6.4 B deal with JAXA for a lunar water-sensing satellite, a $22 M payload agreement with Magna Petra for Mission 3, and an $8 M delivery contract with the Taiwan Space Agency for Mission 4. Financially, iSpace reported first-quarter FY2025 net losses of ¥2.88 B ($19.2 M), nearly double the prior-year period, and ended the quarter with ¥26.4 B ($175.6 M) in cash—of which ¥15 B ($99.8 M) came from short-term loans. To fund upcoming missions and offset widening losses, the company is turning to the equity markets for additional capital. Proceeds are earmarked for ¥4.8 B to Mission 3 development, ¥9.5 B to Mission 4 work, and ¥4 B for general working capital.

Led · Series B · Apr 2019

Apana provides an IoT-powered intelligent water management platform that connects meters and sensors around facilities using devices leveraging Low Power Wide Area (LPWA) technologies. With high-resolution data and cloud analytics, its system monitors facility water infrastructure to identify anomalous use in real time and sends insights and actionable, step-by-step guidance to the right person at the right time. The company’s customers include Fortune 500 firms, public institutions, and cities, and it has deployed its platform across more than 600 cities globally. Apana focuses on commercial, industrial, and institutional sectors such as grocery, hospitality, food and beverage, and municipal clients. Led by co-founder and CEO Matt Rose, the company intends to use the new funding to drive further innovation and expand sales and marketing efforts. The company is headquartered in Bellingham, Washington. Apana raised $3.5M in a Series A to help businesses monitor and cut down on water usage and save money. The company deploys smart sensors that collect high-resolution water-consumption data, identify wasteful patterns and provide actionable information to frontline staff. The round was led by Kurita Water Industries and included Element 8, Cowles Co. and Urban Innovation Fund. Apana is based in Bellingham, Wash., and operates two Washington offices in Bellingham and Spokane with 11 employees; it expects headcount to grow by close to 50% and plans a future Seattle office once sales goals are met. Customers named in the article include Costco (which reduced water usage by more than 20% where Apana is deployed), Mister Car Wash and Fetzer Vineyards. CEO Matt Rose has a software background in healthcare and defense, and co-founder Frank Burns has over 20 years’ experience with wastewater treatment plants, combining automation and operational expertise in the product.