(Yicai Global) Sept. 10 -- Chinese private rocket manufacturer Land Space Technology has completed its CNY1.2 billion (USD176 million) Series C+ round on the heels of a similarly generous financing round finished by its competitor Interstellar Glory Space Technology.
Land Space will use the funds of the round, participated by Sequoia China and Country Garden Venture Capital, for the company's self-developed medium-scale and low-cost commercial launch vehicle system ZQ-2, Zhang Changwu, founder and chief executive of the Beijing-based firm said Land Space, told Yicai Global yesterday.
Established in 2015, Land Space focuses on mid to large-sized liquid rockets. It has been testing the ZQ-2 with an aim to reach mass production as early as in 2022.
China's Interstellar Glory Space, also known as iSpace, secured CNY1.2 billion (USD173 million) in its B round of financing, led by the Beijing Financial Street Capital Operation Center, late last month. That was the largest single round of financing in the domestic commercial space sector.
Land Space is also developing a technology, pioneered by Elon Musk's SpaceX, to recover rockets after use to reduce costs. However, there are still several steps to go before achieving commercial recovery, Zhang added.
Land Space has completed nine rounds of financing. It got CNY500 million (USD73.1 million) in its Series C round, led by the VC arm of real estate giant Country Garden Holdings, last December.
Editor: Emmi Laine, Dou Shicong