Beijing Deep Blue Space Aerospace Technology, also known as Shenlan Space, has pocketed 1 billion yuan ($139.7 million) in a Series B2 round led by a state-owned investment holding group affiliated with the Wuxi National Hi-Tech District.
The proceeds will help accelerate Deep Blue’s R&D and manufacturing scale, as the firm seeks commercialisation of its reusable rockets, according to a company release.
The firm will also set up its manufacturing base in the Wuxi National Hi-Tech District, alongside the investment.
The investment comes shortly after the firm sealed its Series B and Series B1 rounds in May, roping in the likes of Founder H Fund and Jigang Dongtai Fund.
Founded in 2016, the Wuxi-headquartered firm engages in development and production of liquid-fuel rockets for commercial launches. With a research and development centre located in Beijing, the firm is also equipped with a test launch site in Jinan, the capital city of China’s Shandong province.
The private rocket firm targets to complete the first orbital launch and recovery of “Nebula-1” — its medium-and-small liquid launch vehicle by the end of 2024; and “Nebula-2” — a larger version of “Nebula-1” by the end of 2025, per the release.
Spacetech firms in China have been riding on a funding tailwind. Two megadeals that took place recently in the sector include Space Pioneer’s Series C+ round and satellite manufacturer MinoSpace Technology’s Series C1 round.
