LandSpace, a China-based space rocket manufacturer backed by wind turbine manufacturer Goldwind and media company 36Kr, secured RMB500m ($71m) in series C funding yesterday.
The round was led by Country Garden Venture Capital, a venture capital arm of property development group Country Garden, and it increased the company’s funding to approximately $200m altogether.
Founded in 2015, LandSpace develops and launches rockets into space on behalf of commercial clients. Its technology utilises liquid oxygen methane and it signed a rideshare launch agreement with microsatellite developer Spacety earlier today.
The series C cash will fund the development and launch of LandSpace’s Suzaku II liquid rocket and further work on its reusable spacecraft technology.
The company revealed it had raised a total of between $14m and $15m in funding earlier this year, the money coming from Shanghai Yi Sheng Investment, Luxin Venture Capital and existing backer Shaanxi High-end Equipment Fund.
China Growth Capital had led LandSpace’s $43m series B-plus round in November 2018, investing alongside Goldwind, 36Kr subsidiary 36Kr Fund, Xidian University’s VC fund, Zhongji Investment and FounDream.
Goldwind had led a $31.7m series B round for the company seven months earlier that also featured PGA Venture Partners, Shiji Tianhua, Guokai Ronghua and FounDream.
Image courtesy of LandSpace. The original version of this artcile appeared on our sister site, Global University Venturing.