Venture Capital: Private Chinese Satellite Internet Startup GalaxySpace Valued At $1.58B In New Funding

September 9, 2022 | News, Venture Capital
https://dailyalts.com/wp-content/uploads/2022/09/gs_left.58f24eeb-scaled.jpg

The financing will be used for the research and development of satellite Internet-related technologies and their commercial applications.

Chinese satellite internet startup Galaxyspace, which was founded in 2016, now commands a valuation of $1.58 billion after a recent funding round led by CCB International, an investment vehicle belonging to China Construction Bank Corporation, one of China’s big four banks, along with Anhui Sanzhongyichuang Industry Development Fund, Hefei Industry Investment and Sincere Fund. Existing investors Legend Capital and Chaos Investment also participated. (SpaceNews)

A statement claimed that GalaxySpace had achieved the status of being the first unicorn in the field of commercial aerospace and satellite Internet in China.

According to GalaxySpace founder and CEO Xu Ming, the funds will be utilized to further R&D of satellite Internet-related technologies and their commercial applications. Other research will include core technologies such as stackable flat-panel satellites, multi-beam phased array technology with flexible deployment on the satellite, flexible solar wings, and digital processing payloads.

The company is hoping to get a share of the global space economy estimated to be worth $1 trillion by 2040, of which satellite internet is expected to account for 50% or 70%.

In March, GalaxySpace launched six communications satellites for an experimental network called the “Mini-spider constellation” using an earlier satellite bus.

The satellites and their successful 5G network tests were also perceived to be relevant to China’s national broadband constellation plan – a 13,000-satellite strong national satellite internet megaconstellation.

GalaxySpace will launch the first of its stackable satellites early next year, the first of their kind to be developed in China.

Related Story: SoftBank And Hughes Invest $400M In Satellite Internet Operator OneWeb

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/09/Breeding-Black-Soldier-Flies©ParisTsitsosforLivinFarms-scaled.jpg
Venture Capital: LIVIN Farms, A Provider Of Bugs On Subscription, Raises €6M Series A

LIVIN Farms, an industrial technology provider in the alternative protein industry, has developed HIVE PRO, a fully automated process that allows waste management companies and large scale food producers to…

https://dailyalts.com/wp-content/uploads/2022/09/gavel-gbf1ca5f08_640.jpg
Digital Assets: Sam Bankman-Fried’s FTX US Wins Auction For Voyager Digital’s Bankruptcy Assets With $1.4B Bid
September 28, 2022     Digital Assets, News

West Realm Shires Inc., dba FTX US, has won the bankruptcy auction for the assets of Voyager Digital with a bid of about $1.422 billion. It was held to be…

https://dailyalts.com/wp-content/uploads/2022/09/alex-knight-B0-kMa8BgU-unsplash.jpg
Artificial Intelligence: Clearview Nabs Patent For Technology That Creates Bias-Free Algorithms

Clearview AI announced its win of the “Scalable Training Data Preparation Pipeline And Efficient Distributed Trainer For Deep Neural Networks In Facial Recognition” patent (U.S. Patent No. 11,443,553) issued by…

https://dailyalts.com/wp-content/uploads/2022/09/UN17SDGs.jpg
Alternative Investments/ESG: The Newday Sustainable Development Equity ETF

Newday offers portfolios addressing the world’s most pressing environmental and social issues including climate action, ocean health, clean water, diversity, equity and inclusion, wildlife conservation and animal welfare, and stakeholder…