(Reuters) – Japanese infrastructure company Interstellar Technologies said on Tuesday it had reached a strategic capital and business partnership with Toyota Division of Motor (NYSE:) Corp.
Woven by Toyota, Toyota’s autonomous driving technology division, will invest approximately 7 billion Japanese yen ($44.42 million) in Interstellar by its first Series F funding close as lead investor.
Additional funding is expected at the second closing.
As part of the partnership, Woven by Toyota will also appoint a director to Interstellar’s board of directors.
The Hokkaido-headquartered company said it is “committed to leveraging automotive industry expertise, including Toyota’s manufacturing methods, to transform missile manufacturing into a high-quality, cost-effective and scalable process.”
Interstellar Technologies became the first Japanese firm to send a rocket into space without a satellite payload in 2019. However, its Zero orbital launch vehicle is still under development.
($1 = 157.6000 yen)