China-based commercial space launch company ExPace Technology has raised RMB1.2 billion ($182m) in series A funding from eight undisclosed investors, China Money Network (CMN) reported yesterday.
ExPace was founded by state-owned aerospace contractor China Aerospace Science and Industry Corporation and its subsidiary, China Sanjiang Space Industry Group, in 2016 to provide commercial space launch services.
The company completed its first commercial launch in January 2017, using a Kuaizhou rocket to carry three satellites into orbit. It is currently testing a new rocket in the same Kuaizhou range that is expected to launch in 2018 carrying six satellites.
The funding will be used to continue development of space launch vehicles, improve the company’s rocket assembly abilities and invest in the commercial space industry, according to China Money Network, which cited a company announcement.
ExPace is the first private China-based space exploration company to receive significant funding, despite US-based operators such as SpaceX and OneWeb having raised large-sized rounds in the past six months.