HELSINKI — Chinese commercial satellite maker MinoSpace has secured more than $137 million to further its design and production aspirations.
MinoSpace, also known as Beijing Weina Star Technology Co., Ltd., announced the funding June 24, now describing itself as a commercial space unicorn enterprise, having secured 1 billion yuan ($137 million).
Wuxi Economic Development Zone Shangxian Industry Investment Fund, managed by SIP Oriza PE Fund Management, led the round. Liangxi Science and Technology Innovation Industry Fund, managed by Bohua Capital and supporting technological innovation and industrial development in Wuxi City’s Liangxi district, followed, along with existing shareholder Qingdao Huizhu Anfulan.
The funding will ensure the successful implementation of major national and commercial missions like satellite internet and Earth observation, Gao Enyu, MinoSpace founder and chairman, said in a statement.
The round will also go towards enhancing and perfecting the supply chain and increasing investment in core products and technologies. The company aims to establish an efficient mass production line for satellites, steadily improving production capacity and scale, Gao stated.
MinoSpace will also soon break ground on a satellite manufacturing base within Wuxi City, according to a Wuxi economic development district (WEDD) statement. This is intended to “help our region accelerate the construction of a commercial aerospace industry ecosystem and promote the creation of a world-class aerospace industry cluster with international influence and competitiveness,” according to the WEDD statement.
Wuxi City released new policies June 13 to foster commercial space, focusing on commercial rockets, satellite manufacturing and space applications. Attracting MinoSpace will be a boost for plans to develop a hub for advanced satellite technology and manufacturing, while also hoping for a local positive ripple effect. Liangxi…
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