A Zhejiang University subsidiary has supplied funding to space tech startup Space Pioneer, which has raised at least $29.6m in six months.
China-based commercial rocket technology supplier Space Pioneer has closed a nine-figure yuan (RMB100m = $14.8m) series A round co-led Zhejiang University Lianchuang, a subsidiary of Zhejiang University, China Money Network reported yesterday.
Zahe Investment also took part in the round.
Founded in 2019, Space Pioneer builds space rocket technologies which leverage a liquid propellant known as HCP marketed as being cheap, effective and environmentally-friendly.
The series A cash is expected to fund a recruitment drive aimed at testing Space Pioneer’s HCP-powered rocket engines as well as the launch of a liquid carrier rocket in 2021.
The carrier rocket, dubbed Tianlong No. 1, has a design capacity of over three tons and is intended to service communication satellite payloads.
Full details of Space Pioneer’s earlier funding could not be ascertained, although China Money Network said it had raised more than $14.8m within the past six months.
Zhejiang University Lianchuang has invested previously along with institutional investors including Lushi Investment, Jiuyou Capital, Inno Angel, Eagle Fund and Zaihe Investment.
