Warpspace Inc., which is building a high-speed, optical laser communication network in space, has formed a business and capital alliance with Sompo Japan Insurance Inc., one of the largest general insurance company in Japan.
WARPSPACE has recently raised funds through a Pre-Series B round by convertible equity, which led to this business and capital alliance with Sompo Japan. By receiving business and capital support from Sompo Japan, WARPSPACE will further advance the development of WarpHub InterSat. Specifically, WARPSPACE will strengthen its development system, procure components for the relay satellite, develop core technologies, and enhance security.
WarpHub InterSat is being developed by WARPSPACE as a private company and is aimed to be launched by 2025. In recent years, the number of satellites in LEO has been rapidly increasing. This service will enable near real-time and high-speed communications with the ground. This will enable more observation and sensing data to be acquired and used in near real-time. This is expected, for example, to increase the speed and accuracy of emergency response to disasters, and to improve the accuracy of understanding the status of ships and containers in port logistics.
Sompo Japan sets their group purpose to create a society in which every person can live a healthy, prosperous and happy life in one’s own way with “A Theme Park for Security, Health and Wellbeing.” Sompo Japan deems space technology to take an essential role in achieving this goal.
The private-sector space development is at a remarkable stage of growth. Given the situation, Sompo Japan is working to support space operators by developing insurance policies that respond to new risks based on accumulated knowledge. Additionally, to solve social issues, Sompo Japan aims to improve customer services through collaboration and co-creation with space tech companies who possess space technology and create new solutions.
Through this business support to WARPSPACE, Sompo Japan will improve its ability to respond to risks in Medium Earth Orbit (MEO). WARPSPACE plans to develop its business in MEO, which is projected to grow at a rate of 7.4% to 2028, according to research by Data Bridge Market Research. Addition to it, Sompo Japan will contribute to solving issues faced by satellite operators that handle observation and sensing data and will support the promotion of satellite data
use on the ground.
Sompo Japan will establish a new Space Industry Development Section as of April 1, 2023, with the aim of strengthening the system that can contribute to the development of the space industry.