Seoul: South Korea’s private space industry has received a major boost after rocket startup Unastella announced a $24 million Series B funding round, taking the company’s total funding to approximately $44 million. The investment marks a significant milestone for the four-year-old aerospace company as it seeks to establish itself as a key player in the rapidly expanding global commercial launch market.
Unastella has attracted attention across the international space sector after successfully launching its own rocket, UNA EXPRESS-I, from South Korean soil in May 2025. The achievement positioned the company among a small group of private aerospace firms developing indigenous launch capabilities in Asia, a region increasingly looking to compete with established space powers such as the United States and China.
The latest funding round was led by venture capital firms including Altos Ventures, with participation from several institutional investors. The fresh capital will be used to accelerate the development of the company’s next-generation launch vehicles, expand manufacturing capabilities and support future orbital launch missions.
Founded by aerospace engineer Jae Park, Unastella focuses on developing launch vehicles for micro and small satellites, one of the fastest-growing segments of the global space economy. Before launching the company, Park worked on propulsion systems for South Korea’s Nuri rocket programme and gained international experience through aerospace research projects in Germany.
Unlike many traditional rocket manufacturers, Unastella has adopted an electric pump-fed propulsion system that uses kerosene and liquid oxygen as fuel. The technology is designed to simplify rocket architecture, reduce development costs and accelerate commercial deployment. While the approach sacrifices some payload capacity compared to conventional systems, the company believes it offers a faster path to market and greater operational efficiency.
The successful launch of UNA EXPRESS-I represented an important validation of the company’s technology. According to Unastella, the mission demonstrated its ability to manage the entire launch process internally, including vehicle design, manufacturing, testing, ground operations and flight analysis. The company sees vertical integration as a key competitive advantage in the emerging commercial launch sector.
The startup is now preparing for the launch of UNA EXPRESS-II, which is expected later this year. The mission aims to reach an altitude of approximately 100 kilometres, a milestone that would further validate the company’s technology and potentially open the door to partnerships with major aerospace and defence organisations in South Korea.
Industry analysts note that the timing of the funding round reflects growing investor confidence in the commercial space industry. Demand for satellite launches continues to rise due to expanding applications in communications, Earth observation, navigation, defence and space-based internet services. As governments and private companies increase investments in space infrastructure, launch providers are expected to play a critical role in supporting the sector’s growth.
South Korea has been actively working to strengthen its domestic space capabilities in recent years through government programmes and support for private aerospace companies. Unastella joins a growing ecosystem of Korean space startups seeking to build launch vehicles, satellite technologies and other space-related services.
Although the company has not yet reached profitability, investors appear optimistic about its long-term prospects. With fresh funding secured, proven launch technology and ambitious plans for future missions, Unastella is positioning itself as one of the most closely watched space startups in Asia’s rapidly evolving commercial space race.
