Boryung’s High-Stakes Space Venture Secures Ongoing Government Research and Investment Support

Boryung, a traditional pharmaceutical company that made an unprecedented large-scale investment in the space industry, is gradually achieving visible results. Although there is still a long way to go due to the nature of the business, which requires significant time and capital, Boryung is steadily building its foundation by continuously attracting both direct and indirect investments from the Korean government and foreign capital, according to assessments.

Perspective view of the world's first commercial space station, 'Axiom Station,' being developed by Axiom Space. Photo by Boryeong

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On March 12, according to the government and related industries, the ‘Korean ARPA-H Project’ task force led by the Ministry of Health and Welfare recently selected the consortium of Hallym University-Industry Cooperation Foundation, with which Boryung collaborates on research, for the second-year project titled ‘Space Medical Technology Based on Microgravity Bio 3D Printing.’ The consortium had already received support for the first-year project, and with this new selection, it will be able to accelerate related research. The annual funding is up to 2 billion won per year.

The ‘Korean ARPA-H Project,’ with a total budget of 1.2 trillion won, applies the U.S. Defense Advanced Research Projects Agency (DARPA) model of challenging research support to the healthcare sector, focusing on long-term, high-impact areas such as space medicine. The newly selected project is the microgravity bio 3D printing research conducted by Boryung together with the Hallym University-Industry Cooperation Foundation consortium. The research aims to create human tissues and disease models in a space environment and is expected to contribute to Boryung’s efforts to establish a medical research platform utilizing private space stations in the future.

Previously, Axiom Space, a U.S. space company in which Boryung invested 60 million dollars (approximately 88.9 billion won), recently succeeded in raising significant funds in its Series D investment round. The round, which included the Qatar Investment Authority and venture capital firm Type One Ventures, raised 350 million dollars (about 512.9 billion won). This investment also drew attention in the local space industry as 1789 Capital, whose partner is Donald Trump Jr., the eldest son of former U.S. President Donald Trump, participated in the round.

Axiom Space is building a private space station as a successor to the International Space Station (ISS). The company is also involved in developing spacesuits for NASA’s Artemis lunar mission. According to global market research firm PitchBook, Axiom Space is valued at over 2.5 billion dollars (approximately 3.6635 trillion won). The company was also recently named one of ‘America’s Best Startup Employers 2026’ by Forbes, a U.S. economic media outlet.

Although Axiom Space has not yet secured a stable revenue structure, Boryung expects the value of its existing investment stake to increase as the company’s valuation rises in the next investment round.

The company acknowledges that, due to the nature of the space business, taking on risks and making large-scale initial investments is inevitable. Lim Dongju, Head of Strategic Business at Boryung, said, “Axiom Space is currently focused on R&D and module production for private space station construction,” and added, “We are closely watching its future growth trajectory.”

Lim also stated, “Currently, we are in the stage of securing space medicine data and building a research foundation. As the launch of space station modules becomes more visible, the company’s value and business opportunities will be reevaluated.” Boryung explained that the investment in Axiom Space is not merely a financial investment but a strategic decision to secure a platform for conducting pharmaceutical and life science experiments on private space stations in the future.

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