Matrix Partners China invests in rocket startup iSpace

Rocket startup iSpace has announced that it has closed its latest funding from Matrix Partners China, bringing its total external financing to $90.6 million within a year.

In a statement, the startup said, the new financing will be mainly used to fund the research and development of launchers and engines, as well as the construction of final assembly bases and staff training.

The value of the latest funding, however, was not disclosed.

Founded in 2016, iSpace is develops “high-quality, low-cost, fast-responding” commercial launchers to serve micro-satellite manufacturers, operators, research institutes and universities at home and abroad.

The company has two research centers, one in Beijing and one in Xi’an, capital of the northwestern province of Shaanxi, according to a news release from the company.

iSpace says it is backed by the more than 10 investors who have contributed to the company’s funding round over the past year including Citic Juxin Co., Fosun Group, Shunwei Capital Partners and Shuairan Investment Management.

Its latest backer, Matrix Partners China is the local affiliate of the U.S. venture capital fund that has invested in technology companies such as search giant Baidu Inc. and ride-hailing operator Didi Chuxing.

Competition in China’s space industry has been heating up following the government’s decision in 2014 to allow private companies to build and launch satellites.

iSpace’s main competitor is OneSpace, which last year signed a deal with state-run Chongqing Liangjiang Aviation Industry Investment Group to build a joint research and manufacturing base in the southwestern city of Chongqing

Both iSpace and OneSpace launched their first rockets earlier this year, each claiming theirs was China’s first rocket developed by a private firm.”

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.