Chinese commercial space launch startup LandSpace has raised RMB300 million ($43 million) in a Series B+ round led by China Growth Capital, it said in an announcement on November 20.
Other investors who participated in the round include China Zhongji Investment, Juzhuo Capital, and the VC fund of Chinese media platform 36kr. The startup’s existing investors such as Hong Kong-listed Chinese wind turbine technology and energy solutions provider Goldwind, Chuangxiang Angel and Chung Tin Group Holdings also joined the round.
The latest round brought LandSpace’s total funding raised to over RMB800 million ($115 million), said the startup.
The proceeds raised from this round will be used for R&D for its core products, including the medium-sized liquid launch vehicle system ZQ-2, and to construct its supporting infrastructure.
In October, the startup launched its three-stage solid launch vehicle ZQ-1 from Jiuquan Satellite Launch Centre in China, the first real, meaningful orbital flight performed by a privately-owned company in the Chinese space industry. LandSpace is also touted as the most advanced launch company in China that is not state-owned.
Founded in 2015, Beijing-based LandSpace focuses on small and medium-sized commercial aerospace application market, and R&D in the spaceflight industry. It last raised an RMB200 million ($28.8 million) Series B round this May.
Its peer OneSpace Technology had in August raised RMB300 million ($43 million) Series B round led by CICC Jiatai Equity Funds. The startup is seen as a potential Chinese rival to US space transportation leader SpaceX.