KERAVA, Finland — Two private Chinese satellite manufacturers have secured new rounds of funding for respective plans to develop and commercialize products.
GalaxySpace, a Beijing-based communications satellite producer, secured an undisclosed sum of series B round funding, led by JIC Technology Investment. Further investment came from Shunwei Capital, IDG Capital, Legend Capital and Morningside Venture Capital.
The company said in a Sept. 16 press release (Chinese) that it is valued at over $703 million (5 billion yuan) following the latest financing. GalaxySpace, founded in 2016 by Xu Ming, is planning to establish a constellation of low Earth orbit satellites to provide global 5G communications.
The firm is developing the Galaxy-1 satellite platform, which it describes as a low-cost and high-performance small communication satellite. It will be capable of deorbiting itself near the end of its design lifetime.
Beijing-based MinoSpace, also known as Weina Star Technology Co., Ltd., meanwhile secured series A+ funding from Shenzhen Capital Group, Kexin Capital, Yonghua Capital, CASSTAR and others. The financing was announced Sept. 18 (Chinese).
MinoSpace is a developer and manufacturer of small sats between 10 and 500 kilograms as well as satellite components.
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