China’s private satellite maker GalaxySpace says its value exceeds US$708 million after new funding round
- Latest round of investors included JIC Technology, Shunwei Capital, IDG Capital, Legend Capital and Morningside Venture Capital
Beijing-based communications satellite producer GalaxySpace said that its valuation has surpassed 5 billion yuan (US$708 million) after closing a new round of funding led by JIC Technology Investment, a subsidiary of state-owned China Jianyin Investment, according to a company statement on Monday.
GalaxySpace did not disclose the actual sum of money collected in this round from JIC Technology Investment and other investors including Shunwei Capital, IDG Capital, Legend Capital and Morningside Venture Capital.
The company, which was founded in 2016 by Xu Ming, co-founder and former president of New York-listed mobile apps operator Cheetah Mobile, now claims to be one of the most valuable start-ups in the satellite sector.
GalaxySpace said it will use the fresh funds to commercialise its technologies, while also focusing on research and development of broadband satellites.
The start-up developed the broadband communication satellite Galaxi-I, a low-cost and high-performance small communications satellite, capable of automatically performing manoeuvres and then burning out in the atmosphere, according to the firm.