China-based satellite technology developer ADASpace has closed a RMB150m ($21.4m) series A-plus round featuring infrastructure firm Xinjiang Communications Construction Group and property developer New World, China Money Network reported yesterday.
Investment firms Aplus Capital and Galaxy Holding Group co-led the round, which was also backed by venture capital firm Shenzhen Capital Group, while New World contributed to the round through its New World Strategic Investment vehicle.
ADASpace provides satellite design and data services and is developing an artificial intelligence-equipped satellite constellation intended to monitor transport and environmental activity.
The round valued the company at approximately $143m post-money and it came in the wake of a $14.5m series A round led by real estate developer Vanke in June 2019, according to China Money Network.
Shenzhen Capital and Galaxy Holding Group had previously joined a fund overseen by University of Electronic Science and Technology China to provide $1.5m for ADASpace in September 2018.
