Beijing Interstellar Glory Space Technology, also known as iSpace, has secured 700 million yuan ($98.8 million) in Series C and C+ rounds co-led by local investment firm Xin Ding Capital.
Sichuan Industrial Revitalization & Development Investment Fund led the Series C+ round while the two rounds have attracted the participation of local investors including Jingming Capital, Huizhu Capital, and Qianlima Fund.
The proceeds will help the firm in reusable rocket R&D, among others, according to a company release on Thursday.
Founded in October 2016 by Peng Xiaobo, a former director of research and development at the China Academy of Launch Vehicle Technology, a Chinese state-owned rocket developer, iSpace made history as the first-ever private-held firm in China that managed to shoot satellites into orbit.
The success of the mission in July 2019 saw the Hyperbola-1, a 20-metre-long (66 feet) rocket designed and built by iSpace, taking off from the launch center and deploying two satellites into near-Earth orbits.
Most recently, iSpace had an unsuccessful launch of its SQX-1 Y8 commercial carrier rocket on July 11 owing to an abnormality during the flight of the rocket, state media Xinhua reported. Before the launch failure in July, the firm had encountered three consecutive failed launches since its success in 2019.
The news comes at a time when space tech has emerged as a red-hot sector among investors. Most recently, reusable rocket developer Beijing Deep Blue Space Aerospace Technology 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 in August.
Other megadeals that took place recently in the sector include Space Pioneer’s Series C+ round and satellite manufacturer MinoSpace Technology’s Series C1 round.
