Beijing-based private commercial satellite company MinoSpace has closed its Series A2+ round, bagging nearly RMB 100 million (USD 14.2 million) led by investment firm Billionhome Capital, 36Kr reported on Monday.
The new funds will serve to develop big satellites, weighted above 200 kilograms, said the firm, which has already launched four satellites into orbits in 2019, making it one of the pioneers in China’s burgeoning private aerospace sector.
The recent round comes after the company scored an investment worth “tens of millions of yuan” in its Series A+ round in September 2019.
MinoSpace, which was set up in 2017, produces communication satellites and satellite components, and is also engaged in the development of a micro-nano satellite platform and a satellite communication ground terminal.
More than 141 commercial aerospace companies have been registered in China by the end of 2018, following a late 2014’s central government policy which opened the space to private capital to boost the satellite sector development in China.
36Kr is KrASIA’s parent company.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.