The company is developing a spaceplance, called Dream Chaser and a commercial space station. Credit: Sierra Space.

Sierra Space, a US-based commercial space company, has raised $290m in a Series B funding round.

The round was co-led by a consortium of Japanese investors comprising MUFG Bank, Tokio Marine & Nichido Fire Insurance and Kanematsu.

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Other investors in the round include Coatue, General Atlantic and Moore Strategic Ventures & Sierra Holding Company.

Funds and accounts managed by AE Industrial Partners, BlackRock Private Equity Partners and Vice Family Trust also participated in the round.

The round values the company at $5.3bn and brings its total funds raised to $1.7bn.

Sierra Space said it will use the new funding to form key partnerships across the world and support its goal of building a space technology ecosystem.

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This funding further expands Sierra Space’s partnerships in Japan.

Through these partnerships, the company is exploring the possibility of using Oita Airport as a landing site for its Dream Chaser spaceplane and developing a range of space technologies.

Dream Chaser is said to be capable of transporting crew and cargo to and from low earth orbit (LEO).

It is supported by a NASA contract to perform cargo resupply missions to the International Space Station (ISS), contributing to $3.4bn in active contracts of Sierra Space, the company said.

Sierra Space is also building a commercial space station.

Sierra Space CEO Tom Vice said: “As we transition our revolutionary Dream Chaser spaceplane into operations for NASA cargo resupply missions to the International Space Station, we focus our capital deployment to the development and operations of the first commercial space station – the next step in our in-space infrastructure – the growth of our national security offering and scaling our space systems components business.”

MUFG Bank president & CEO Junichi Hanzawa said: “MUFG aspires to help all our stakeholders take the next step forward, and we believe this should serve as the starting point for all business activities.

“Sierra Space Corporation’s aim to build a platform in space that will benefit life on Earth is the very embodiment of this concept, and MUFG has decided to invest in Low Earth Orbit to support commercialisation, the creation of new industries, and the resolution of social issues.”