(Yicai Global) Dec. 25 -- Young Chinese private rocket firm Galactic Energy Aerospace Technology closed CNY150 million (USD21.5 million) in pre-Series A funding in October led by equity investment firms Puhua Capital and Huaqiang Capital, The Paper reported today.
Other investors included LC Securities, the Sichuan Entrepreneur Fund, Weed Ventures, Plum Ventures and the New Potential Energy Fund, the report said, citing a statement from Galactic. Shanghai-based Winsoul Capital served as financial advisor.
The Beijing-based firm will use the funds to further develop and prepare its solid-fueled rocket Ceres-1 for launch next year and to perform tests on the main engine of its reusable Pallas-1 rocket powered by liquid oxygen and kerosene.
Galactic aims to be the world's second commercial rocket maker to master the technology behind reusable liquid-fueled launch vehicles after Elon Musk's aerospace company Space Exploration Technologies, said Chief Executive and founder Liu Baiqi.
Another private Chinese space launch firm Landspace Technology completed a CNY500 million (USD71.5 million) Series-C round of financing earlier this month led by the investment arm of property developer Country Garden. In nine rounds of fundraising, Beijing-based Landspace has raised almost CNY2 billion.
Founded in Feb. 2018, Galactic aims to provide global aerospace markets with flexible, fast and economical commercial launch service solutions. So far the firm has raised CNY300 million.
Editor: Kim Taylor