China's commercial rocket industry is blooming.
iSpace' launching vehicle. Image credit: iSpace
The commercial rocket company iSpace (星际荣耀) announced the completion of a CNY 1.2 billion (USD 170 million) Series B. The latest funding round is led by Beijing Financial Street Capital Operation Center and VCs including Shanghai STVC, Sequoia China, CICC Alpha, CITIC Securities, CMSC and others. Pre-existing investors include China Matrix Partners. CDH Investments and Spring Partners joined the new round.
iSpace produces small-capacity liquid-fuel reusable launch vehicles. It provides satellite launching services for navigation and ICT enterprises. The new funding will be used on Hyperbola Series launch vehicles and liquid oxygen methane rocket engine developments as well as team expansion.
The four-year-old company is the only private enterprise that successfully completed a satellite launching mission in China. The team has 200 employees and over 70% are in the research and development unit with an average experience of 14 years.
Chinese private spaceflight sector started to grow in 2016, when the State Administration of Science, Technology and Industry for National Defense began to encourage private firms to participate in the once state-monopolized area. After four years, China has seen private players like iSpace, LandSpace, SPACETY and PowerSpeed leading the spaceflight competition.