Chinese private rocket developer i-Space announced Tuesday the completion of its Series B round of financing worth nearly 1.2 billion yuan (around 170 million U.S. dollars), setting a new record for a single round of funding in China's commercial space field.
The round was led by Beijing Financial Street Capital Operation Center, with participation from several other investors, such as CICC Alpha, the company said.
The Beijing-based company intends to use the funds to develop Hyperbola series launch vehicles and Focus series reusable liquid oxygen-methane engines, as well as cultivating more talent.
Established in 2016, i-Space has become a rising star in the country's space arena.
On July 25, 2019, a carrier rocket developed by the company sent two satellites into orbit, marking the first successful orbital launch by a private Chinese firm. Enditem
