OneSpace, a China-based rocket company developing small satellite launch vehicles, completed its Series B round on 12 August, which raised a total of US$43.6 million (300 million RMB).
The round was led by Zhongjin Jiatai Fund, the venture arm of investment banking firm China International Capital Corporation Limited (CICC). Other investors include Qitu Capital, China Merchants Venture Capital, Qianhai Wand Fund and Qianhai Wutong M&A Fund.
Said Wang Lei, Managing Director of CICC Capital, ““Zhongjin Jiatai is paying close attention to the development of China’s commercial aerospace industry, and we have witnessed continuous innovation in OneSpace’s research and development. The team has gradually stabilized and matured, and is prudent and pragmatic when it comes to business development, so that it is gradually growing into a leading company in the private aerospace industry. In addition to providing financial support, CICC’z Zhongjin Jiatai will contribute CICC’s quality resources, and provide long-term support to OneSpace.”
According to OneSpace’s CEO Shu Chang, the funds raised in this Series B will be used mainly to develop the company’s OS-X series of suborbital rockets, and the OS-M series of orbital launch vehicles. Part of it will also be used in the company’s ongoing project to construct a manufacturing and rocket assembly facility in Chongqing, which is expected to be completed by the end of this year. With these resources, OneSpace projects it will be able to manufacture at least 30 rockets annually by the year 2020.
In 2016, OneSpace conducted its Series A, where it raised about US$14.5m (100 million RMB). Following that, in 2017, it received government funding from the Chongqing municipal government. It then conducted a Series A+ financing round in January this year, which raised more than US$29m (200 million RMB). According to the company, it has so far raised a total of approximately US$116m (800 million RMB).