Chinese commercial rocket launch player raises $43m
Chinese commercial space launch start-up LandSpace has secured RMB300 million ($43 million) in an extended Series B round led by China Growth Capital.
Additional commitments came from China Zhongji Investment, Juzhuo Capital, and the VC arm of Chinese media group 36kr. Existing investors such as Hong Kong-listed Chinese wind turbine manufacturer Goldwind, Chuangxiang Angel, and Chung Tin Group also re-upped, according to a statement.
The fresh capital will be used to develop the company’s TQ-12 liquid oxygen-methane propellant engine system, as well as to enhance R&D on its Zhuque-2 series launch vehicle. LandSpace's goal is to provide one-stop services - from rocket development through testing - to customers in the small and medium-sized commercial aerospace market. Last month, the company launched Zhuque-1 at China’s Jiuquan Satellite Launch Center.
Private space companies have proliferated globally ever since US-based SpaceX began conducting the first private launches and orbital maneuvers in 2010. In China, the trigger came in 2014 when the government formally allowed private companies to provide satellite launch services in a bid to transform the nation into a spaceflight superpower.
Other major players in this space include Chongqing-based OneSpace. The company launched China’s first commercial rocket in May and has gone through three rounds of funding since inception.
LandSpace raised RMB200 million in a Series B round led by Goldwind, which was joined by CDB Root-Well Industrial Investment, Shiji Tianhua, PGA, and Chuangxiang Angel in May. Overall, the company has raised around RMB800 million across multiple tranches since 2015.
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