China-based satellite developer Chengdu Guoxing Aerospace Technology has received approximately RMB100m ($14.5m) in a series A round led by residential real estate developer Vanke, China Money Network has reported.
The round also featured Chengdu Technology Transfer Group, which is overseen by the Chinese government’s National Development and Reform Commission, and Hexing Fund. It closed in January and valued the company at approximately $72m.
Founded in May 2018 and also known as ADA Space, Guoxing builds and launches artificial intelligence (AI)-powered commercial satellites that are used for areas such as transportation and in smart cities. It has launched six satellites,including two that are tasked with identifying and mapping weather conditions such as cloud patterns and fog.
The company will use the cash to further develop its AI technology, satellites and data services, and to expand its market presence. It secured tens of millions of renminbi (RMB10m = $1.4m) in a September 2018 angel round backed by undisclosed investors.