Chang Guang Satellite Technology, a Jilin-based startup that develops commercial remote sensing satellites, has raised 2.46 billion yuan ($375 million) in its pre-IPO funding round, becoming the latest Chinese satellite firm to gain financial support from investors bullish on China’s space-related prospects.
The financing round was joined by a number of investors including a private equity unit of Haitong Innovation Capital Management, Shenzhen Capital Group, China Capital Investment Group, Matrix Partners China and artificial intelligence specialist iFlyTek, Chang Guang said in a statement Saturday.
Existing investors including a government-backed fund in Northeast China’s Jilin province and Chang Guang’s management team also joined the round.
The proceeds will be used for the construction of the company’s Jilin-1 satellite “constellation”, the development of remote sensing data applications and team building, according to the statement.
The Jilin-1 satellite constellation is a network of commercial remote sensing satellites capable of providing high-definition images for various applications ranging from environmental monitoring to geological disaster forecasting.
Six-year-old Chang Guang said that it has sent 25 satellites into space to form a constellation able to visit any place in the world eight to ten times per day. The company plans to build a constellation of 60 satellites in the first phase of the project. This will increase to 138 satellites in the phase two, which will enable any place in the world to be re-inspected within 10 minutes.
Earlier this month, Chang Guang’s domestic peer, GalaxySpace, a Beijing-based startup that makes broadband communications satellites, completed a new funding round to support its plans to develop satellite internet technologies used to enhance data transmission speed.
Contact reporter Ding Yi (firstname.lastname@example.org)