Beijing-based communication satellite producer GalaxySpace announced that its valuation has surpassed RMB 5 billion (USD 708 million) after the closure of a new round of funding led by JIC Technology Investment, a subsidiary of state-owned China Jianyin Investment, according to a company’s press release on Monday.
GalaxySpace did not reveal the actual sum of money collected in this round from JIC Technology Investment and other investors including Shunwei Capital, IDG Capital, Legend Capital, and Morningside Venture Capital.
The startup, which was founded in 2016 by Xu Ming, co-founder and former president of US-listed internet company Cheetah Mobile, now claims to be one of the most valuable startups in this sector.
GalaxySpace said it will use the fresh funds to commercialize its technologies while also focusing on R&D on broadband satellites.
The company developed the broadband communication satellite Galaxi-I, a low-cost and high-performance small communication satellite, capable of automatically perform maneuvers and then burn out in the atmosphere, according to the firm.