GalaxySpace Closes Series B1, Valued at CNY 8 Bn
Founded in 2016, the commercial space company has now reached 'unicorn' status.
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On November 17, 2020, Chinese commercial micro-satellites developer GalaxySpace completed its Series B1 round funding, hitting a valuation of nearly CNY 8 billion. The company has become the first unicorn firm in China's commercial space and satellite Internet sector. Nantong Development Area Intelligent Manufacturing Fund (Chinese:南通开发区智能制造产业投资基金) led the round. Shanghai Chaos Investment and Matrix Partners also participated, alongside existing shareholders such as IDG Capital, Shunwei Capital and Morningside Venture Capital.
Founded in 2016, GalaxySpace has been developing micro-satellites and satellite Internet solutions. In January 2020, it launched the first 24Gbps broadband internet LEO satellite of China. The satellite is also the first independently developed broadband Internet satellite launched by private companies in China. According to the company, the second satellite has been moved to the assembly line and will be launched soon.
In recent years, satellite Internet is entering the rapid development stage. SpaceX, arguably the most influential private firm in the field, is constructing Starlink with 42 thousand LEO satellites. According to an analysis from Morgan Stanley, the market size of the space economy is projected to reach USD 1 trillion, and satellite Internet will contribute 50% to 70% growth in the market. For Chinese and other investors, GalaxySpace is a company to watch.
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