Starlab Space and Global Venture Management announced that Global Venture Management has made an investment in Starlab, a commercial space station venture being developed as a successor to the International Space Station (ISS).

The investment amount was not disclosed. According to a press release, the funding adds to existing institutional capital backing Starlab, which is a joint venture involving Voyager Technologies (NYSE: VOYG), Airbus, Mitsubishi Corporation, MDA Space, Palantir Technologies, and Space Applications Services, with strategic partners including Hilton, Northrop Grumman, and The Ohio State University.

Starlab is developing a commercial space station intended to maintain a continuous human presence in low-Earth orbit (LEO) following the planned deorbit of the ISS.

"The United States needs a continuous human presence in low-Earth orbit after the ISS – that's not a vision, that's a requirement," said Matt Kuta, president of Voyager. "Starlab is how we meet it."

Damian Maggio, fund manager at Global Venture Management, said in a statement: "We invest at the intersection of transformational technology and generational market opportunity. Starlab is precisely that – a platform that will define how the orbital economy is built, accessed and owned."

Global Venture Management is a venture capital and private equity firm based in San Juan, Puerto Rico, that manages capital on behalf of institutional and accredited investors.