The company appears intent on making significant contributions to China’s plans to boost its space infrastructure.
HELSINKI – Chinese satellite internet startup GalaxySpace has raised $1.58 billion in new funding that the company says.
The funding comes on the heels of a November 2020 round that set the company’s valuation at $1.2 billion and underscores the company’s strong position to make significant contributions to China’s planned robust national satellite internet of 13,000 satellites. swell.
The round was led by CCB International – an investment vehicle of China Construction Bank Corporation, one of China’s Big Four banks – along with Anhui Sanzhongyichuang Industry Development Fund, Hefei Industry Investment and Sincere Fund. Previous backers of Legend Capital and Choss Investments have boosted their investments.
GalaxySpace founder and CEO, Xu Ming, said the funding will be used primarily for research and development of technologies related to satellite internet and their commercial applications. GalaxySpace will also accelerate research on core technologies including stackable satellites with flat panel antennas, multi-beam phased array technology, flexible solar arrays, digital processing payloads, and low-cost mass manufacturing capabilities for the satellites, according to one company. statement.
The company unveiled a Stackable satellite bus With a phased array flat panel antenna and a flexible solar array in late August during National Science and Technology Week.
GalaxySpace says dozens of satellites can be stacked and launched simultaneously on a single rocket, with flat antennas and flexible arrays providing mass and space with a streamlined payload.
GalaxySpace’s first stackable satellites are set to launch early next year, according to the company, and are the first of their kind to be developed in China.
In March GalaxySpace Six communications satellites launched for an experimental network called the “Little Spider Constellation” using an earlier satellite carrier. The satellites and their successful tests of the 5G network were also seen as relevant to China’s national broadband constellation plan.
“These six satellites will form an experimental network integrating communications and remote sensing,” Galaxy Space’s Zhang Ming told CCTV after the launch.
“When the entire experimental network is formed, it will be verified in different application scenarios. It will also be the first technical verification of China’s low-orbit broadband satellite constellation.”
GalaxySpace was founded in Beijing in 2016 with initial plans to build its own satellite communications constellation.
The company subsequently appointed Deng Zongquan, head of the 793 National Defense Program and director of “Space Enterprises and Mysterious Control Technology at the National Defense Key Discipline Laboratory,” as the head of the Galaxy Space Technical Committee, providing valuable links to government space by sector. China Project.
The state-owned CASC and CASIC have also formulated their own plans for the Hongyan and Hongyun LEO constellation, but all of these plans appear to have been merged or replaced with China’s plans for a national constellation.
China Satellite Network Group Co., Ltd. Ltd. Or SatNet, a state-owned company founded in April 2021, on the New National Plan. making agreements With a number of cities and apparently looking to the emerging commercial space sector in China to help build it.
Number of commercials corporate launch They mention the National Satellite Internet Project as a potential source of contracts and revenue.