Beijing-headquartered space-tech solutions developer Space Pioneer has raised more than 100 million yuan ($14 million) in its Pre-A round funding led by ZJU Joint Innovation Investment, per a company statement on Monday.
Innoangel Fund as well as technology investment group Eagles Fund have also participated in the current round. Landstone Capital and Jinyo Capital have previously invested in Space Pioneer.
Set up in 2019, the space solutions provider has achieved experimental trials for rocket engines. It is expected to launch two more testings in 2020.
The company will invest the proceeds in experimental trials and will strengthen the team.
With a focus on AI, clean energy, new energy and semiconductor, ZJU Joint Innovation Investment is a joint venture set up by the Institute of Innovation and Entrepreneurship of Zhejiang University, SZ-listed optoelectronic company Crystal-Optech and SZ-listed mechanical transmission systems provider Zhejiang Shuanghuan Driveline.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from April 10-13, 2020.