In 2024, there will be approximately 36 financing events in the commercial aerospace field, involving 30 companies.
From the investment perspective:
There were 13 cases in rocket-related fields, involving 9 companies; 16 cases in satellite-related fields, involving 14 companies; and 7 cases in aerospace application-related fields, involving 7 companies. Financing in the rocket field is mainly concentrated on overall rocket enterprises; financing in the satellite field is mainly concentrated on satellite overall, core load, electric propulsion, and measurement and control related aspects; financing in the aerospace application field involves satellite Internet, satellite Internet of Things, satellite remote sensing, space on-orbit service operations, manned spaceflight, space intelligent computing, etc.
Looking at investment rounds:
There were 3 angel rounds, 3 Pre-A rounds, 8 A rounds, 13 B rounds, 7 C rounds, 1 E round, and 1 strategic investment.
From the perspective of capital attributes:
Government funds and industrial capital have gradually become the main investors, including Liangxi Science and Technology Industry Fund of Funds, Wuxi Industrial Development, Wuxi High-tech Zone Investment Control Group, Sichuan Industrial Revitalization Group, Chongqing Digital Investment, Zhongshan Venture Capital, Shaanxi Industrial Investment, Shandong Finance, Hebei Communications Investment, Taicang Hongrun Private Equity Fund Management Co., Ltd., etc.
rocket field
1. Oriental Space (Shandong) Technology Co., Ltd.
Investment date: January 24, 2024
Investment amount: 600 million yuan
Investment round: Series B
Investment institutions: Liangxi Science and Technology Innovation Industry Fund of Funds (Bohua Capital Management), Shenyin Wanguo Investment, Hongtai Fund, Xinding Capital, Shanhang Capital, CMBC International, Dinghe Gold, etc.
Introduction to the target company: Oriental Space (Shandong) Technology Co., Ltd. (the biggest dark horse in commercial aerospace in 2024 | Decoding Oriental Space (Shandong) Technology Co., Ltd.) was established in June 2020. Its main business is the design and manufacturing of launch vehicles and new aerospace transportation vehicles. Its core products include the “Gravity” series of launch vehicles (Gravity-1, Gravity-2, Gravity-3) and Force engines (Force-110).
2. Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd.
Investment date: April 12, 2024
Investment amount: 60 million yuan
Investment round: B+ round
Investment institution: Galaxy Investment
Introduction to the target company: Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd. (decoded as Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd., the first mixed-ownership commercial aerospace enterprise in China) was established in December 2018. It was jointly initiated and established by the core team of the Aerospace Flight Science and Technology Center of the Chinese Academy of Sciences and the Institute of Mechanics. Its main business is the R&D integration and transformation of technological achievements of medium-carrying capacity, space technology exploration and serialized aerospace vehicles. The core products are Lijian series launch vehicles (Lijian 1, Lijian 2, Lijian 2 heavy-duty, Lijian 3).
3. Jiuzhou Cloud Arrow (Beijing) Space Technology Co., Ltd.
Investment date: May 25, 2024
Investment amount: Undisclosed
Investment round: B+ round
Investment institution: GF Xinde
Investment date: October 16, 2024
Investment amount: Undisclosed
Investment round: B++ round
Investment institutions: Shneng Chengyi, Xinneng Venture Capital
Introduction to the target company: Jiuzhou Cloud Arrow (Beijing) Space Technology Co., Ltd. (my country’s first 10km-level reusable rocket vertical takeoff and landing test that blew up the screen. Do you really understand the treasure company behind the test | Decoding Jiuzhou Cloud Arrow (Beijing) Space Technology Co., Ltd.) Founded on October 10, 2017, its main business is liquid power system design and development, assembly testing, and supporting full-process flight services. Its core products are Lingyun engine (10-ton liquid oxygen methane engine) and Longyun engine (70-ton liquid oxygen methane engine).
4. Jiangsu Tianbing Aerospace Technology Co., Ltd.
Investment date: June 6, 2024
Investment round: C+ round
Investment amount: 1.5 billion yuan
Investment institutions: Liangxi Science and Technology Industry Fund of Funds (Bohua Capital Management), Wuxi Industrial Development, CCTV Fund, Guoyu Gaohua, Deyue Investment, Qianzhan Investment, CITIC Construction Investment, Cointreau Investment, Hongfu Assets, Hefei Ruicheng, Suzhou Asset Management, First Development Venture Capital, SDIC Taikang, Binghong Capital, Zhongcai Tenghua, etc.
Introduction to the target company: Jiangsu Tianbing Aerospace Technology Co., Ltd. (decoding Beijing Tianbing Technology Co., Ltd., how private rocket companies can succeed at launch) was established in April 2019. Its main business is the development and sales of liquid rocket engines and medium and large liquid launch vehicles. Its core products include Tianlong series liquid launch vehicles (TL-2, TL-3, TL-3H, TL-3M) and Tianhuo series liquid rocket engines (TH-11, TH-12, TH-31).
5. Jiangsu Yangwang Aerospace Equipment Technology Co., Ltd.
Investment date: July 22, 2024
Investment amount: tens of millions of yuan
Investment round: Angel round
Investment institutions: Guofa Venture Capital, Guofa Wenxin
Introduction to the target company: Jiangsu Yangwang Aerospace Equipment Technology Co., Ltd. was established in March 2023. Its main business is to provide one-stop solutions for commercial aerospace rocket and satellite core components. The core products are mainly commercial aerospace rocket components and commercial aerospace satellite components. From additive and subtractive material manufacturing to inner flow channel AFM processing and non-destructive testing, it provides one-stop product delivery services.
6. Jiangsu Deep Blue Aerospace Co., Ltd.
Investment date: May 28, 2024
Investment round: B1 round
Investment institutions: Founder Hesheng, Jigang Dongtai Fund, etc.
Investment date: July 31, 2024
Investment round: B2 round
Investment institution: Wuxi High-tech Zone Investment Control Group led the investment
Investment date: August 13, 2024
Investment round: B3 round
Investment institutions: Zhengyue Investment, Zhenghe Yunfan Fund Investment
Series B financing amount: nearly 1 billion yuan
Introduction to the target company: Jiangsu Deep Blue Aerospace Co., Ltd. (taking a different approach, focusing on the research and development of recyclable rockets | Decoding Jiangsu Deep Blue Aerospace Co., Ltd.) was established in 2016. Its main business is launch vehicle research and development, production and commercial launch services. Core products include the “Nebula-1” liquid reusable launch vehicle and the “Nebula-2” liquid reusable launch vehicle.
7. Beijing Interstellar Glory Space Technology Co., Ltd.
Investment date: September 5, 2024
Investment amount: RMB 700 million
Investment rounds: Series C and Series C+
Investment institutions: Xinding Capital and Sichuan Industrial Revitalization Fund Investment Group Co., Ltd. led the investment, and institutions such as Jingming Capital, Huizhu Capital, Anji Pinboro, Shifang Hengxin Construction, and Chollima Fund followed.
Introduction to the target company: Interstellar Glory Space Technology Group Co., Ltd. (decoded as Beijing Interstellar Glory Space Technology Co., Ltd., the first private company in China to achieve a rocket into orbit) was established in October 2016. Its main business is to develop commercial launch vehicles and provide systems The core products include Hyperbolic 1 small solid launch vehicle, Hyperbolic 3 reusable liquid launch vehicle, Focus 1 reusable variable thrust liquid rocket engine, Focus 2 100-ton reusable variable thrust liquid oxygen methane engine, etc.
8. Shanghai Dahang Yuanjian Aerospace Technology Co., Ltd.
Investment date: November 1, 2024
Investment amount: hundreds of millions of yuan
Investment round: Angel round
Investment institutions: Shenneng Chengyi led the investment, followed by Tianchuang Capital, Boyan Fund, Xianfeng Changqing, and Zhang Chao.
Introduction to the target company: Shanghai Dahang Yuejian Aerospace Technology Co., Ltd. was established in February 2024. Its main business is medium and large reusable launch vehicles featuring “ground capture + intelligent control”. The core product is the “Yuanjian-1” reusable liquid launch vehicle, which adopts the “chopstick clip” tower recovery technology.
9. Blue Arrow Aerospace Technology Co., Ltd.
Investment date: December 2024
Investment round: Series E
Investment amount: 900 million yuan
Investment institution: National Manufacturing Transformation and Upgrading Fund
Introduction to the target company: Blue Arrow Aerospace Technology Co., Ltd. (Decoding Blue Arrow Aerospace Technology Co., Ltd., how the world’s first liquid oxygen methane rocket successfully entered orbit was achieved) was established in June 2015. Its main business is the development and provision of launch services for launch vehicles. Its core products are the Zhuque series of reusable liquid oxygen methane launch vehicles (Zhuque 2, Zhuque 3) and Tianque (TQ-12A) 80-ton liquid oxygen methane engine.
Satellite field
1. Aotian Technology (Beijing) Co., Ltd.
Investment date: February 1, 2024
Investment amount: Undisclosed
Investment round: C+ round
Investment institution: CDB Science and Technology
Introduction to the target company: Aotian Technology (Beijing) Co., Ltd. was established in June 2018 and mainly produces satellite electric propulsion products.
2. Beijing Yidong Aerospace Technology Co., Ltd.
Investment date: February 2024
Investment amount: tens of millions of yuan
Investment round: B+ round
Investment institution: Exclusively funded by Shenzhen Innovation Investment Group Co., Ltd.
Investment date: September 30, 2024
Investment amount: Undisclosed
Investment round: B2 round
Investment institutions: China Capital, CITIC Construction Investment, Jiupai Capital, Yuquan Capital, Su Gaoxin Venture Capital, etc.
Introduction to the target company: Beijing Yidong Aerospace Technology Co., Ltd. was established in April 2020. Its main business is the research and development, production and sales of spacecraft propulsion systems, control systems and other products. Its core products include resistance, arc and Hall propulsion systems and control system electromechanical components.
3. Beijing Aerospace Yuxing Technology Co., Ltd.
Investment time: April 30, 2024
Investment amount: hundreds of millions of yuan
Investment round: Series B
Investment institution: Chongqing Digital Investment leads the investment
Investment time: May 6, 2024
Investment amount: 500 million yuan
Investment round: Series C
Investment institutions: Zhongshan Venture Capital and China Merchants Fund of Funds jointly led the investment, CICC Capital and other leading funds followed the investment, and old shareholders such as Yuanhang Capital and Cointreau Capital continued to support.
Introduction to the target company: Beijing Aerospace Yuxing Technology Co., Ltd. was established in October 2016. It is a comprehensive solution provider integrating commercial aerospace measurement and operation control technology research and development, aerospace communication product manufacturing and spacecraft in-orbit management services.
4. Beijing Micro-Nano Star Technology Co., Ltd.
Investment date: June 24, 2024
Investment round: C1 round
Investment amount: 1 billion yuan
Investment institutions: Yuanhe Chongyuan-Wuxi Economic Development Shangxian Industrial Investment Fund led the investment, Liangxi Science and Technology Innovation Industry Fund of Funds (Bohua Capital Management) followed, and old shareholder Qingdao Huizhu Amphora continued to support.
Introduction to the target company: Beijing Micro-Star Technology Co., Ltd. (Overview of Commercial Satellite Enterprises (1) – Beijing Micro-Star Technology Co., Ltd.) was established in August 2017. It is mainly engaged in the research and development and manufacturing of satellites, and provides “one-stop” satellite-ground integrated system delivery services covering satellite development, measurement and operation control, rocket launch, license application, etc.
5. Blue Star Optical Domain (Shanghai) Aerospace Technology Co., Ltd.
Investment date: August 7, 2024
Investment amount: nearly 150 million yuan
Investment round: B1 round
Investment institutions: Shenzhen Venture Capital, Puhua Capital, Tuofeng Capital and Chunyang Capital.
Introduction to the target company: Blue Star Optical Domain (Shanghai) Aerospace Technology Co., Ltd. was established in May 2021. Its main business is the research and development, sales, production and service of precision optical-mechanical payload machines and components. The core products are laser communication products, which are mainly used in spaceborne, airborne, ground and other fields.
6. Harbin Institute of Technology Satellite Technology Co., Ltd.
Investment date: August 12, 2024
Investment amount: Undisclosed
Investment round: Series B
Investment institutions: Rongyi Capital, Longjiang Fund, Huakong Fund, Sanyuan Capital, Ceyuan Capital.
Introduction to the target company: Harbin Institute of Technology Satellite Technology Co., Ltd. was established in December 2020. It is a platform for the transformation of Harbin Institute of Technology satellite technology and scientific and technological achievements. It was initiated and established by the team of Harbin Institute of Technology Asset Management Co., Ltd. and Harbin Institute of Technology Satellite Technology Research Institute. The company’s core business is satellite development and batch on-orbit delivery, including satellite design, manufacturing, general testing and satellite core component development.
7. Beijing Star Space Technology Co., Ltd.
Investment date: August 22, 2024
Investment amount: tens of millions of yuan
Investment round: A+ round
Investment institution: Property Zhongda
Introduction to the target company: Beijing Star Space Technology Co., Ltd. was established on December 25, 2019. It is mainly engaged in technology development and technology promotion in the fields of satellites, aircraft propulsion systems, attitude and orbit control equipment, etc. Its core products include Hall electric propulsion, ion electric propulsion, chemical propulsion systems and space fuel tanks.
8. Suzhou Jitian Xingzhou Space Technology Co., Ltd.
Investment date: October 8, 2024
Investment amount: tens of millions of yuan
Investment round: Pre-A round
Investment institutions: Yuanhe Zhongyuan led the investment, and Su Gaoxin Rongxiang, Baiyan Fund and others followed.
Introduction to the target company: Suzhou Jitian Xingzhou Space Technology Co., Ltd. was established in June 2021. Its main business is the research and development, manufacturing and sales of space optical main loads and high-end optical components. Core products include spaceborne optical cameras, optoelectronic motion control components, optoelectronic components, etc.
9. Beijing Aurora Star Technology Co., Ltd.
Investment date: October 14, 2024
Investment round: A+ round
Investment institutions: Fu Rong Capital, Yangtze River Capital, Yarong Capital, Dark Horse Ventures, Optics Valley Industrial Investment, Puhua Capital, Rongdao Capital, Huazhen Capital, Yarui Capital.
Introduction to the target company: Beijing Aurora Star Technology Co., Ltd. was established in 2020. Its core products are mainly laser communication terminal products. The company’s laser communication test constellations “Aurora Constellation 01 and 02” have completed all-weather > 24-hour laser communication stable link construction.
10. Helium Star Optical Link Technology (Shenzhen) Co., Ltd.
Investment date: October 16, 2024
Investment amount: hundreds of millions of yuan
Investment round: Series B
Investment institutions: Minsheng Securities Investment Co., Ltd. led the investment, and was jointly invested by well-known institutions such as Changzhou Xiangxing Information Technology Co., Ltd., Wuhan Huacang Kexin Venture Capital Partnership, Wuxi Liangxi Science and Technology Innovation Industry Investment Fund Partnership, and Hangzhou Aohua Venture Capital Partnership.
Target company profile: Helium Star Optical Link Technology Co., Ltd. was established in October 2021. It is my country’s leading space laser communication solution provider and related product manufacturer. The company’s main products are aimed at a variety of space laser communication application scenarios, covering high-speed optoelectronic devices, cameras, galvanometers, optical-mechanical system satellite laser communication payloads, and space laser communication systems.
11. Xi’an Zhongke Tianta Technology Co., Ltd.
Investment date: November 21, 2024
Investment amount: nearly 100 million yuan
Investment round: Series A
Investment institutions: CDB Science and Technology led the investment, followed by Shaanxi Industrial Investment and Guangdong Hard Technology Research Institute.
Introduction to the target company: Xi’an Zhongke Tianta Technology Co., Ltd. was established in 2017. It is a commercial aerospace platform company integrating spacecraft measurement and control management services, space information management and application services.
12. Jinan Zhixing Space Technology Co., Ltd.
Investment date: December 17, 2024
Investment amount: Undisclosed
Investment round: A+ round
Investment institution: Shandong Finance
Introduction to the target company: Jinan Zhixing Space Technology Co., Ltd. was established in May 2018. The company masters the key technologies for the manufacturing and operation of low-orbit SAR satellites and has completely independent intellectual property rights. The SAR payload capacity has been flight verified on satellite and UAV platforms.
13. Shifang Starlink (Suzhou) Aerospace Technology Co., Ltd.
Investment date: December 24, 2024
Investment amount: hundreds of millions of yuan
Investment round: Series A
Investment institution: Advanced Technology Achievements Transformation Research Institute and Zeshi Advanced Technology Achievements Transformation Fund lead the investment
Introduction to the target company: Shifang Starlink (Suzhou) Aerospace Technology Co., Ltd. was established in 2022. The company developed and constructed my country’s first medium orbit (MEO) relay satellite system. The system satellite adopts a lightweight platform and is equipped with laser inter-satellite links, which can provide high-speed, high-real-time, high-coverage data transmission and measurement and control services to multiple laser users and Ka users at the same time.
14. Shanghai Gesi Aerospace Technology Co., Ltd.
Investment date: December 30, 2024
Investment amount: over 1 billion yuan
Investment round: A+ round
Investment institutions: CDB Manufacturing Transformation and Upgrading Fund, CDB Science and Technology, Guosheng Capital, Xinwei Capital, etc.
Introduction to the target company: Shanghai Gesi Aerospace Technology Co., Ltd. was established in January 2022. It has the ability to design entire satellites, sub-systems, and stand-alone machines, as well as satellite batch AIT. It is one of the major satellite manufacturers of the Qianfan Constellation.
Aerospace application fields
1. Satellite Internet:
(1) Shanghai Yuanxin Satellite Technology Co., Ltd.
Investment date: February 1, 2024
Investment amount: 6.7 billion
Investment round: Series A
Investment institutions: China Development Bank Manufacturing Transformation and Upgrading Fund led the investment, with strategic support from founding shareholder Shanghai Lianhe Investment. Guoke Capital, Guosheng Capital, SAIC Hengxu Capital, CCTV Media Fund, Guotai Junan, China Science and Technology Star, AsiaInfo Security, Xinding Capital, Gaoyuan Capital, Meilanhu Investment, Jinyan Asset Management, and Zhenghedao Investment followed the investment.
(2) Fujian Haitian Silk Road Satellite Technology Co., Ltd.
Investment date: October 16, 2024
Investment amount: 1 billion yuan
Investment Rounds: Strategic Financing
Investment institution: Hefei Industrial Investment Group
Introduction to the target company: Fujian Haitian Silk Road Satellite Technology Co., Ltd. was established in 2019. It is a holding subsidiary of Fuzhou Dahua Intelligent Technology Co., Ltd. (stock code: 002512), an A-share listed company. Fujian Haitian Silk Road Satellite Technology Co., Ltd. mainly provides broadband satellite communications and satellite Internet services for the “21st Century Maritime Silk Road” and other countries and regions along the “One Belt and One Road”. As a satellite communications solution provider, it provides satellite communications application solutions to global users.
2. Satellite Internet of Things:
(1) Beijing Guodian Hi-Tech Technology Co., Ltd.
Investment time: February 24, 2024
Investment amount: Undisclosed
Investment round: Series C
Investment institutions: Anhua Venture Capital Fund, Hebei Communications Investment.
Introduction to the target company: Beijing Guodian Hi-Tech Technology Co., Ltd. was established in 2015. The company plans and is constructing and operating my country’s first low-orbit satellite IoT constellation-Apocalypse Constellation. The constellation consists of 38 low-orbit satellites. Currently, 25 satellites are in-orbit network operation, providing global users with “air, space, earth and sea integration” satellite IoT data communication services. In May 2024, the Ministry of Industry and Information Technology issued a satellite radio frequency use license and a space radio station license to Beijing Guodian Hi-Tech Technology Co., Ltd., agreeing to carry out technical verification related to satellite Internet of Things.
3. Satellite remote sensing:
(1) Tianfu Gaofen (Beijing) Technology Co., Ltd.
Investment date: September 3, 2024
Investment amount: tens of millions of yuan
Investment round: Series A
Investment institution: Qingyuan Investment Exclusive Investment
Introduction to the target company: Tianfu Gaofen (Beijing) Technology Co., Ltd. was established in 2020. It is mainly committed to the construction and operation of the “Gaofen Earth-1” high-resolution optical remote sensing satellite constellation. The company provides multi-resolution, multi-spectral, and cost-effective remote sensing image data services to government, commercial and other users through independent research and development of remote sensing satellite core technologies.
4. Space on-orbit service operations:
(1) Suzhou Sanyuan Aerospace Technology Co., Ltd.
Investment date: September 11, 2024
Investment amount: tens of millions of yuan
Investment round: Pre-A round
Investment institutions: Taicang Hongrun Private Equity Fund Management Co., Ltd. led the investment, and Shenzhen High-tech Investment and Taicang Zhihui Science and Technology Innovation Fund jointly participated in the investment.
Introduction to the target company: Suzhou Sanyuan Aerospace Technology Co., Ltd. was established in June 2022. The company’s core business covers the development of space operation-related equipment, space on-orbit service business operations, etc., providing commercial satellite users with satellite space situational awareness, docking and grabbing control, space debris cleanup, spacecraft in-orbit refueling, and spacecraft on-orbit maintenance service products and equipment. This round of financing will be mainly used to build the first test satellite and promote the on-orbit verification of the first generation of low-cost space debris removal payload products.
5. Manned spaceflight field:
(1) Beijing Traveler Manned Space Technology Co., Ltd.
Investment date: November 29, 2024
Investment amount: 30 million yuan
Investment round: Angel round
Investment institution: Qifu Capital exclusive investment
Introduction to the target company: Beijing Traverser Manned Space Technology Co., Ltd. was established on January 11, 2023. It is a commercial manned space technology enterprise integrating the development of reusable manned spacecraft and space tourism operations.
6. Space intelligent computing field:
(1) Star Test Future Technology (Beijing) Co., Ltd.
Investment time: December 30, 2024
Investment amount: tens of millions of yuan
Investment round: PreA++ round
Investment institutions: Shenzhen High-tech Investment Group Co., Ltd., Changzhou Xiangxing Information Technology Co., Ltd. and individual investors jointly invest.
Introduction to the target company: Star Testing Future Technology (Beijing) Co., Ltd. was established in 2020. It is a space computing infrastructure service provider dedicated to using AI technology to empower the entire aerospace industry chain such as communications, remote sensing, and scientific experiments.
