Chinese Startup Raises $943 Million to Fund Race with Starlink

Shanghai Spacecom Satellite Technology, a space tech startup backed by the Shanghai municipal government, has raised 6.7 billion yuan ($943 million) to fund the construction of a low-orbit satellite constellation that will provide broadband access to the internet

The Series A funding round was led by Shanghai Alliance Investment Ltd., an investment fund backed by the Shanghai government and a founding investor of Spacecom. Other investors include CAS Investment Management Co. Ltd., Hengxu Capital, Guotai Junan Securities Co. Ltd. and CAS Star.