Chinese Space Launch Startup iSpace Nets US$172M Series B

iSpace will use the fresh funds to develop its space launch vehicle Hyperbola 2

Chinese aerospace startup iSpace has raised approximately US$172 million (RMB1,192.5 million) in a Series B funding round from a consortium of investors, the startup announced in a press release on Wednesday.

The round was led by Beijing Financial Street Capital Operation Center, CICC Alpha, Guanghe Xincheng, Taizhonghe Capital, Sequoia Capital China Fund, and CITIC Securities.

Other investors who participated in the round include China Merchants Securities, Xuanshi Tiancheng, Shanghai Science and Technology Fund, Yinshengtai Capital, Linglong Jinshan Equity Investment, Yaxiang Xingtai, Kailian Capital, Zhuhai Shunlian, and Nanping Baiyi, according to the statement.

Existing shareholders Jingwei China, CDH Investment, and Ganquan Capital also participated in the latest round of financing, the statement noted.

The fresh funds will be used to develop the startup’s ‘Hyperbola’ space launch vehicle, Focus One reusable liquid oxygen methane engines, and to build and train new talent and teams, the statement added.

Also known as Beijing Interstellar Glory Space Technology Ltd., iSpace became the first private company to launch a satellite that achieved orbit in July 2019. The startup’s first solid rocket Hyperbola 1 launched from the Gobi Desert and delivered two commercial satellites in an orbit roughly 300 kilometers above Earth.

The startup is currently working on the development of its second rocket Hyperbola 2, with a liquid oxygen-methane engine which is reusable, according to a report by SpaceNews. Hyperbola 2 also has vertical landing capabilities, similar to Falcon 9 of SpaceX.

iSpace claims to have independently researched and developed the Focus One reusable liquid oxygen methane engine, and the startup has completed a series of ground tests such as full-system long-range trials, secondary start trials, and large-scale continuous variable thrust trials, the statement said.

Founded in 2016, iSpace plans to continue the commercial launch of the small solid launch vehicle Hyperbola 1, the small liquid reusable launch vehicle Hyperbola 2, and the medium liquid reusable launch vehicle Hyperbola 3. It also intends to continue research on Engine Focus One, the reusable liquid oxygen methane engine, the statement noted.

The startup plans to conduct a 100-kilometer-level vertical takeoff and landing test of the first sub-class of Hyperbola 2, and perform the first flight and first-class vertical recovery mission of the first flight of Hyperbola 2 in 2021, the statement added.

In the future, iSpace hopes to further explore suborbital travel and venture into commercial space station construction, other large-scale space applications, and deep space exploration, the press release added.

The startup has raised $276.5 million to date, including its current haul, according to Crunchbase data.

With low-orbit satellite internet picking up traction globally, the need for satellite launch vehicles is going to increase in the near future. According to a report by Frost And Sullivan, 20,425 satellites will be launched globally between 2019 and 2030.

Furthermore, the small satellite launch market is expected to reach $28 billion by 2030, representing a potentially huge market for companies like iSpace, the report noted.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

3 Innovations for a Cleaner Environment You Never Heard Of

3 Innovations for a Cleaner Environment You Never Heard Of

Innovation in clean energy, sustainable infrastructure and eco-friendly solutions to environmental hazards are the need of the hour. The burden on the world’s natural recourses is immense, and it is high time we focus on renewability and diversification. While we are only scratching the tip of the iceberg, here are three innovations working to create an environment-friendly future.

How Can Entrepreneurs Overcome Loneliness?

How Can Entrepreneurs Overcome Loneliness?

Starting your own business is a project that will take over most of your life. You are straying away from the typical 9-5 jobs that your friends and family may have. The sheer effort you have to make to get a business up and running will leave you feeling lonely. While it might seem almost expected to feel lonely during your startup journey, loneliness is a slippery slope to several health conditions.

8 Techniques to Get Readers Rolling Right into Your Content

8 Techniques to Get Readers Rolling Right into Your Content

We’ve all been there. We’ve spent hours crafting the perfect blog post, article or white paper, but no one is reading it. Why? It could be for a million reasons, but often it’s because we’re not doing enough to get people to come to our content. In this article, we’ll learn about the eight techniques that will help you draw in readers and get your content read!

Amazon vs Flipkart Who Will Win Festival Sale War in India

Amazon vs. Flipkart: Who Will Win the Big Festival Sale War in India?

Amazon India and Flipkart, the two biggest ecommerce giants in India, have always been in a neck-to-neck competition for supremacy in the country. There is no better occasion to showcase their strength and take advantage of people’s shopping mood than during the Indian festive season, which begins in late September featuring various festivals, like Durga Pooja, Dussehra and Diwali.

Reviewing Top AI Boyfriends on Google Play Store

Anima vs. Replika: Reviewing Top AI Boyfriends on Google Play Store

Finding your perfect match can be a long and tedious process. You can go on date after date and still have a long way to go before you find your soulmate. In the meantime, you can curb your loneliness by speaking to an artificial intelligence (AI) chatbot.There are dozens of AI chatbots on the market today that give you the experience of having someone to vent your issues to and discuss your daily lives with.