Chinese New Space satellite launch company OneSpace Technology, China’s first private rocket producer, has raised a RMB300 million (U.S.$44 million) series B investment round that was led by CICC Jiatai Equity Funds, according to an official announcement made by the company.
FinTrek Capital and existing investors in OneSpace Technology, including China Merchants Venture Capital, Qianhai Wande Fund, and Qianhai Wutong M&A Fund, also participated in this series B investment round.
Two months ago, OneSpace launched its first single-stage OS-X solid rocket, marking an important step in China’s nascent commercial space launch industry.
Investment from this round will be predominantly used for the development of OS-X series sub-orbital rockets and OS-M series carrier rocket products, independently developed by the company, the upstream and downstream layout of the private commercial aerospace industries, the construction of final assembly and intelligent manufacturing bases, as well as the building of the talented team required to carry the company forward and realise its vision, according to Shu Chang, the Chief Executive Officer of OneSpace Technology.
OneSpace Technology was established in 2015 and is seen as a potential Chinese rival to U.S. commercial space launch leader Space X. OneSpace’s suborbital flight is part of a research contract with an aerospace company for aerodynamic and other high-altitude tests.
CICC Jiatai Equity Funds has maintained a long-term focus on the development of China’s commercial aerospace industry. CICC’s Jiatai Equity Funds has supported OneSpace in its continuous technological innovation in research and development, stabilising its core team, and pragmatic business development in order to help it gradually grow into a leading enterprise in the commercial space launch sector.
In 2016 OneSpace Technology raised a RMB100 million (U.S.$15 million) series A investment round from Zhenxuan Investment and HIT Robot Group and an undisclosed angel investment amount led by Chunxiao Capital in 2015.