China-headquartered satellite developer Chang Guang Satellite Technology completed a RMB2.46bn ($375m) financing round today featuring artificial intelligence technology producer iFlytek, DealStreetAsia reported.
Haitong Securities affiliate Haitong Innovation Capital Management, Shenzhen Capital Group, Estar Capital, CICC Capital, Matrix Partners China, Shanda Capital, CAS Star and a government-guided fund from Jilin Province also took part in the round.
Chang Guang is building out a 60-strong satellite constellation called Jilin-1 that will use remote sensors to capture high-definition videos and optical and hyperspectral images for use in areas such as agriculture and forest management, city planning and map applications.
The round was framed by DealStreetAsia as a pre-IPO round, Chang Guang having closed a $36.9m round in January 2019.
The company will use the funding for further development of Jilin-1, for which it has so far launched 25 satellites, in addition to strengthening its sensor technology and increasing headcount.
A second Jilin constellation, which will be made up of 138 satellites, is also on the agenda. Other China-based companies in the industry to have raised money include iSpace, which has secured more than $270m in total, and LandSpace, which raised $71m a year ago.
