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.