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Aerospace Company LandSpace Raises CNY 1.2 Bn from Sequoia, Others in Series C+
COVID-19 and China
Image credit: SpaceX/Unsplash

LandSpace announced on September 10 that it has closed its Series C+, raising CNY 1.2 billion. Led by Sequoia Capital, Country Garden Venture Capital and Matrix Partners, this round of funding also involved Guojia Small and Medium-sized Enterprises Development Fund, Lightspeed China Partners, Gopher Asset Management, and more. In the last twelve months, LandSpace has raised over CNY 1.8 billion.

As a member of the International Astronautical Federation (IAF), LandSpace is a Chinese private aerospace enterprise engaged in the R&D and operations of launch vehicles. It focuses on developing and manufacturing Liquid-fueled Rocket Engines (LREs) and low-cost commercial launch vehicles, providing standardized rocket launch service solutions to global markets. By the end of August, LandSpace had accomplished testing for its Tianque (TQ) 80t &10t Thrusts as well as ZQ-2 launch vehicle system.

LandSpace has experienced ten rounds of funding in the last five years. Apart from the undisclosed funds, the aerospace company has raised more than CNY 3 billion in its funding history. At the end of last year, Country Garden Venture Capital, together with other investors, financed LandSpace with CNY 500 million in Series C, and one year before that, China Growth Capital, 36Kr, and more invested CNY 300 million in LandSpace during Series B+.

"LandSpace is still in the learning and exploration stage," said Changwu Zhang, the founder and CEO of LandSpace. "Our team will be devoted to equipping ZQ series with high capacity, contributing to the aerospace industry development." 

According to people familiar with the topic, the company is planning to use capital from Series C+ to support R&D on ZQ-2 series and its mass production of liquid-fueled rocket engines.

ANALYST
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