Letara raises $16 million to expand hybrid rocket work

Letara, a Sapporo spacecraft-propulsion startup, has raised ¥2.6 billion, about $16 million, to expand from hybrid thrusters for small satellites into larger rocket systems for space, defense and security markets. The round was co-led by Headline Asia, JIC Venture Growth Investment and Incubate Fund. Letara says it has orders from rocket and satellite companies and the Japanese government, without disclosing their value. Its next stated milestone is an in-orbit firing test with an overseas partner.