China-based satellite technology producer Galaxy Space has raised an undisclosed amount of funding from investors including Legend Capital, the venture capital firm founded by conglomerate Legend Holdings, PEdaily reported on Monday.
The round was led by JIC Technology Investment, a subsidiary of state-owned investment group China Jianyin, and included Shunwei Capital, IDG Capital and Morningside Venture Capital. It valued the company at RMB5bn ($707m) according to PEdaily.
Founded in 2016, Galaxy Space plans to build a low-orbit satellite constellation for commercial use, specifically in the provision of 5G broadband service.
The company launched its first experimental payload in October 2018 and intends to use the latest funding to further develop its technology.
The latest round comes after Galaxy Space raised an undisclosed sum from Shunwei Capital, IDG Capital, Morningside Venture Capital, Gaorong Capital and Source Code Capital in a November 2018 series A-plus round that valued it at $433m pre-money.
The latter four were identified by 36Kr as existing investors in Galaxy Space but the news source did not disclose details on how much they provided.
