Jingwei China (Matrix Partners China) has led the Series A financing round of i-Space (Beijing Star Glory Space Technology Co., Ltd.), a newspace firm headquartered in Beijing, according to the firm’s press release. Other undisclosed shareholders have followed suit.
This round of financing will be mainly used for research and development of launch vehicles, research and development of liquid oxygen-methane engines, construction of assembly bases and training of talent teams.
At this point, the company has been invested in by more than ten institutions including CITIC Juxin, Boao City, Jiutai Blue Mountain, Fuyang Zhengqi, Tianfeng Ruili, Ruixin Capital, Fosun Group, Shunwei Capital, etc. While the exact value of this particular round was not disclosed, the accumulated total investment in i-Space amounts to more than 600 million RMB (US$90.4 million) through various means.
Beijing Star Glory Space Technology Co., Ltd. (“StarCraft Glory”) also known as i-Space, was established in October 2016. The company is focused on developing “cost-effective” commercial launch vehicles and launch solutions for global commercial aerospace customers.
In the early stage of the company’s development, it is focused on the development of small-scale vehicles with integrated launch services for small satellites and constellation customers.
The investor, Matrix Partners, has a China Phase I Fund that is nearly US$300 million dollars in size. Matrix Partners, since its inception in 1977, has invested in a number of successful businesses, including Apple Computer, FedEx, Parasol Network, SanDisk Corporation, etc.