Italian space logistics firm D-Orbit has secured €150 million ($168 million) in a two-part Series C funding round.

Following an initial €100 million investment announced in January, D-Orbit revealed on Sept. 27 that it had raised an additional €50 million. The funds will be utilized to advance the company's development of space-based cloud computing and in-orbit servicing systems.

To date, D-Orbit has undertaken 16 missions, deploying 14 ION orbital transfer vehicles. Seven more D-Orbit missions are scheduled for 2025.

Japan's Marubeni Corp. spearheaded the Series C round. Marubeni has exclusive rights to distribute D-Orbit's services in Japan and Southeast Asia, as per the news release.

The funding round saw participation from both new and existing investors, including Avantgarde, CDP Venture Capital, Iberis Capital, Indaco Venture Partners, the European Innovation Council, Neva, Phaistos Investment Fund, Primo Ventures, and Seraphim Space Investment Trust. A consortium led by United Ventures, comprising the European Investment Bank and the European Investment Fund, also joined the round.

"We are thrilled to complete our Series C Round, significantly enhancing our operations and accelerating our global initiatives," stated D-Orbit CEO Luca Rossettini in a statement. "This investment strengthens our commitment to innovation in space transportation, in-orbit servicing, and the vast domain of space logistics."

With the latest investment, D-Orbit intends to expand its role in in-orbit servicing, space-based cloud computing, and orbital transportation. Moreover, D-Orbit is developing new space vehicles to support satellite-life extension and space-debris removal.

The newly acquired funds will "aid in creating a 'circular space economy', turning space debris into a valuable resource," according to the news release. "Future advances in in-orbit servicing will enable the collection and recycling of debris in orbit, as well as the manufacture of spacecraft for interplanetary travel."

Earlier this year, D-Orbit established a joint venture in the United States to manufacture small satellites.