Nara Space Technology
Field-Tested IPO / Public나라스페이스테크놀로지
Korean microsatellite company founded in March 2015 by Yonsei-trained astronomer Park Jae-pil. It designs, builds, and operates 12U and 16U cubesats and sells imagery and AI analysis through its EarthPaper platform. Three satellites are in orbit: Observer-1A (November 2023, the first commercial cubesat from a Korean company), GYEONGGISat-1 (November 2025), and BusanSat (May 2026), all on SpaceX Falcon 9 rideshares. Listed on KOSDAQ on December 17, 2025 via the technology-special track after raising KRW 33.5B privately. Defense work began in 2026 with an ADD mock-satellite contract and, from September 2026, a KRW 6.7B KRIT program to demonstrate AI-driven autonomous proximity operations in orbit. Revenue was KRW 4.3B in 2024, with the company projecting KRW 13.2B for 2025 and break-even in 2026, and a constellation of 84 satellites planned by 2031.
Founded
2015
HQ
Seoul, South Korea
Stage
IPO / Public
Total Funding
$45M
Employees
93
Website
Visit SiteField Tests & Validation
Observer-1A on-orbit operation
First commercial Korean cubesat reached orbit on a Falcon 9 rideshare, established contact first among 113 co-passengers, and has delivered 1.5 m multispectral imagery beyond its two-year design life, validating the 16U bus reused for GYEONGGISat-1 and the defense demonstrators.
resolution
1.5 m native
design life
2 years, exceeded
Led to contract award
Source: Gunter's Space Page (unverified)
Products & Technology
Observer-1A Microsatellite
Earth observation cubesat
16U multispectral earth-observation cubesat, ~24 kg, 1.5 m native resolution (0.5 m with AI super-resolution) from 525 km. First commercial cubesat launched by a Korean company, November 2023; still operating beyond its two-year design life.
GYEONGGISat-1 (Observer-1B)
Earth observation cubesat
16U, ~23 kg climate-monitoring satellite for Gyeonggi Province with a visible and near-infrared multispectral camera, the first Korean satellite led by a local government. Launched on Falcon 9 from Vandenberg on November 28, 2025 (local time).
BusanSat
Ocean and atmosphere observation cubesat
12U, ~12 kg satellite with a polarization camera measuring marine fine dust and atmosphere over Busan port, the west coast, and the Pacific for Busan City, developed with NASA Langley and KASI. Launched on Falcon 9 on May 3, 2026 (local time); the first Korean local-government ocean-observation satellite.
Autonomous Proximity-Operations Demonstrator
Defense microsatellite
KRIT-funded microsatellite that uses an onboard camera and AI to recognize another object in orbit, plan a collision-free approach path, and control its own orbit for inspection and rendezvous missions. Nara Space is prime for design, build, launch, operation, and verification through December 2030.
EarthPaper / EP Agent
Satellite imagery platform
Satellite-imagery marketplace and analysis platform; EP Agent adds natural-language AI analysis, with a beta released in September 2026 for wildfire damage assessment. Defense-driven demand for AI imagery analysis rose in early 2026.
Leadership
Park Jae-pil (박재필)
Founder & CEO
Studied astronomy and space science at Yonsei University (undergraduate and graduate); project manager and systems engineer at Yonsei's Space Flight Control Lab; led the Yonsei team in KARI's first CubeSat competition in 2012.
Government Contracts
| Buyer | Description | Value | Status | Date |
|---|---|---|---|---|
| South Korea | Supply of a mock (simulated) satellite and control system, ~KRW 1.975B excluding VAT, April 2026 to August 31, 2028; preferred bidder named March 18, 2026. | $1M | in_delivery | 2026-04-10 |
| South Korea | Prime contractor for the autonomous proximity-operations microsatellite demonstration, KRW 6.7B total (KRW 5B government, ~1.7B private), 52 months to December 2030. | $5M | signed | 2026-09-21 |
Funding History
IPO (KOSDAQ)
2025-12-17Investors: Public offering (KOSDAQ), Samsung Securities (lead underwriter)
$20M
KRW ~28.4B (1.72M shares at KRW 16,500)
Series B
2024-06-10Investors: Samsung Securities, Shinhan Venture Investment, JB Woori Capital, IBK Industrial Bank of Korea, T Investment, POSCO Technology Investment, Hana Ventures, HI Investment Partners, BNK Venture Investment
$15M
KRW 20B
Series A
2022-05-03Investors: KDB Bank, Hana Ventures, Kolon Glotech, BNK Venture Investment, POSCO Technology Investment, HI Investment Partners
$7M
KRW 10B
Pre-A
2020-08-01$3M
KRW 3.5B
Total Funding (Cumulative)
$45M
Milestones
Signed with KRIT to lead the KRW 6.7B autonomous proximity-operations microsatellite project (September 2026 to December 2030) under the Defense Innovation Company program; also signed a methane-data distribution contract with Kazakhstan's Gharysh Sapary and released the EP Agent AI imagery-analysis beta the same month.
BusanSat launched for Busan City, developed with NASA Langley and KASI.
Signed a ~KRW 1.98B contract with the Agency for Defense Development to supply a mock satellite and control system through August 2028, the company's first disclosed defense contract.
Listed on KOSDAQ via the technology-special track at KRW 16,500 per share, the top of the range, with institutional demand of 879:1; about KRW 28.4B raised.
GYEONGGISat-1 (Observer-1B) launched for Gyeonggi Province.
Closed a KRW 20B Series B led by new investors Samsung Securities, Shinhan Venture Investment, and JB Woori Capital, bringing cumulative private funding to KRW 33.5B.
Observer-1A launched on a SpaceX Falcon 9 rideshare from Vandenberg, the first commercial cubesat from a Korean company; first of 113 satellites on the flight to transmit data.
Closed a KRW 10B Series A with KDB Bank, Hana Ventures, and Kolon Glotech joining existing investors.
Company founded.
Partners
- • Agency for Defense Development
- • KRIT
- • Gyeonggi Province
- • Busan City
- • NASA Langley Research Center
- • KASI
- • KARI
- • ETRI
- • Gharysh Sapary (Kazakhstan)
- • SpaceX (launch)
Target Markets
- • Korean government and local governments
- • ROK defense (ADD, KRIT)
- • Commercial earth-observation and methane monitoring
- • Central Asia (Kazakhstan)
Data sourced from public reports, press releases, and official company materials. Last verified: 2026-09. See individual source citations for provenance details. Performance ratings, where shown, reflect sourced claims and are not KDReview endorsements.