Galaxy Space, a Chinese private satellite developer, secured a new round in funding as it continues to develop communication satellites that may rival those of SpaceX.
The Series B funding round on Sept. 16 was led by JIC Investment and four other investors, including Shunwei Capital, IDG Capital, Legend Capital, and Morningside Venture Capital.
The Beijing-based company develops “low-cost, high-performance 5G satellites,” which is aimed at improving network connectivity by getting a wider 5G coverage across all the regions of the world. Their “low-orbit broadband communications satellite constellation” called Galaxy-1 is their solution. It is said that these satellites could deorbit too, preventing itself from adding to the mounting space debris.
“Galaxy Space built a low-orbit broadband communication satellite constellation through low-cost and high-performance 5G satellites, and made deployment in frequency orbit resources. This is of strategic importance for the development of China’s commercial satellites,” said Xiao Li, chairman of JIC Technology Investment.
Leave a Reply