Axiom Space has raised $350m in a Series C funding round led by Saudi Arabia’s Aljazira Capital and healthcare investment company Boryung.

The US-based company did not disclose the names of other investors in the round, which takes the total funding raised to more than $505m.

Set up in 2016, Axiom Space is engaged in offering human spaceflight services and developing human-rated space infrastructure.

Axiom Space is currently building Axiom Station, which is expected to replace the International Space Station (ISS) as the first commercial space station in low-Earth orbit.

The first module of the Axiom Station is currently being built, and it will be delivered to the ISS by 2026.

By 2031, when NASA intends to retire the ISS, further modules will be added to complete Axiom Station.

At that time, it will be equipped to function autonomously and assist consumers all over the world, the company explained.

Additionally, it has a long-term $1.26bn contract from NASA to supply xEVAS (exploration extravehicular activity services) spacesuits for the Moon and LEO missions.

Axiom Space CEO and president Michael Suffredini said: “Together, we are working to serve innovators in medicine, materials science, and on-orbit infrastructure who represent billions of dollars in demand over the coming decade.”

Aljazira Capital CEO and managing director Naif AlMesned said: “In line with the Saudi Vision 2030’s transformative approach, we acknowledge the need for technology toward the advancement of human life. To that end, we are excited to support Axiom Space along its journey of building for beyond.”

Earlier this month, NASA announced that it signed an order for the fourth private astronaut mission to the ISS with Axiom Space.