Z Venture Capital ("ZVC") has made a follow-on investment in the Series B round of ElevationSpace, a company developing space-to-Earth transportation services powered by small-satellite re-entry technology.

This is our second investment in the company, following our participation in its Pre-Series B round in September 2025.(Read our announcement from the initial investment here.）

When we first invested in ElevationSpace, what impressed us most was its unique vision: commercializing re-entry and recovery technologies—one of the most technically challenging and defensible areas in the space industry—through a dual-use business model. Nearly a year later, our conviction in the team and its mission has only grown stronger.

Over the past year, ElevationSpace has achieved a number of important milestones. The company completed the Critical Design Review (CDR) for its first spacecraft, Aoba, and began assembling the flight model. It also formed strategic partnerships with Axiom Space, a leader in commercial space station development, and Redwire, a leading space infrastructure company. In addition, ElevationSpace secured multiple awards from Japan's Space Strategy Fund and expanded its team to more than 80 members.

Each of these achievements reinforces the confidence we had when we first invested. That's why we are excited to deepen our commitment through this follow-on investment.

Building the transportation infrastructure that connects space and Earth—from Japan to the world—is an ambitious challenge. We look forward to continuing to support ElevationSpace as it turns that vision into reality.