The rocket and space launch vehicle spinout from Tsinghua has raised $31.8m in a round led by turbine maker Goldwind, taking its total funding to almost $80m.
Beijing LandSpace Technology, a China-based space exploration technology developer spun out from Tsinghua University, has completed a RMB200m ($31.8m) series B round led by wind turbine manufacturer Goldwind, Kr Asia reported on Friday.
PGA Venture Partners, the venture capital fund established by private equity and asset manager Penta Global Advisors and investment management group Lun Capital, also participated in the round, as did Shiji Tianhua, Guokai Ronghua and FounDream.
Founded in 2015, Landspace is developing a liquid oxygen and methane-powered rocket and a launch vehicle with a payload capacity of 300kg that will undertake spaceflight on behalf of private customers.
Landspace’s business model could be compared to that of US-based SpaceX, and in January 2017 it became the first China-headquartered company to secure a contract with a foreign company, signing a nanosatellite development deal with Denmark-based satellite developer Gomspace.
Although Landspace has not disclosed details of its earlier funding, the series B round brought its overall financing to more than RMB500m according to Kr Asia, which identified PGA, Shiji Tianhua, Guokai Ronghua and FounDream as existing investors.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
