Chinese private space launch firm LandSpace has secured a RMB500 million (US$71 million) series C round of financing led by venture capital firm Country Garden Venture Capital.
The company has raised a total of RMB600 million (US$85 million) in this year, including a RMB100 million (US$14 million) series B++ round from Shanghai Yi Sheng Investment, Luxin Venture Capital and others.
Founded in June 2015 by Tsinghua University, Beijing-based LandSpace primarily engages in the development and operation of rockets in China, with a focus on the design, manufacturing and operations of small and medium-sized commercial aerospace application market.
Proceeds of this round will be mainly used for the development and launch preparation of the two-stage Zhuque-2 liquid rocket and the verification of rocket reuse technology.
"We have conducted a long-term in-depth investigation of the future trend of commercial rockets. Medium and large-scale liquid rockets with high demand, high yields and high barriers are the circuits we are optimistic about. It is also a key choice for private rocket companies to form a competitive advantage and achieve a differentiated development path,” said Shen Yan, managing partner and chief risk officer at Country Garden Venture Capital.
The company previously raised a RMB300 million (US$43 million) series B+ round of financing led by venture capital firm China Growth Capital in November 2018.
(This article is translated from LandSpace. You can see the original article in Chinese here.)