• Wed. Apr 21st, 2021

$1.2 billion New Funding for GalaxySpace

Byadmin

Nov 27, 2020

Many companies are willing to invest their funds in communication satellites. This is because the demand for these satellites is increasing day by day. One of these companies is GalaxySpace. GalaxySpace is a company based in Beijing and was established in 2016. It specializes in making telecommunications satellites. The company announced that it had received new funding of $1.2 billion (8 billion yuan) to build the first unicorn satellite in China. The money comes from various sources, both private and government, which include the CICC Infrastructure Fund. The funds are for developing satellite internet technology.

GalaxySpace said that developing low-cost broadband communication satellites will help bridge the gap between America’s and China’s satellites large production capacities within two years. 

GalaxySpace’s management includes former technologists and executives from Cheetah Mobile. The company’s technical committee chairman is Deng Zongquan. Deng is also the National Defense Program 793 head and Aerospace Institutions and Control Technology Director at National Defense Key Discipline Laboratory. 

This year, in January, GalaxySpace launched a verification satellite. The 227-kilogram Yinhe-1 spacecraft will test Ka and Q/V band communications up to 10 Gbps. During the new funding announcement, Xu said that the company has plans to construct a factory in Nantong. In a year, the factory will have a capacity of 300-500 satellites. It will take you only two hours’ drive to reach Nantong City from Shanghai. 

In April this year, the National Development and Reform Commission’s top economic planner added satellite internet to the government list of new infrastructure priorities. Adding internet satellites to the government list would help this industry be given more attention, just like other sectors of the economy. This means that it will start to receive more funds. 

In 2014, Civil-Military Fusion was elevated to a national strategy by Xi Jinping. This is the same case with America’s private sectors such as Raytheon, Lockheed Martin, and Boeing being involved in aerospace and defence technology. This is the same concept China wants to employ. It intends to use private innovations and funds to help it strengthen China’s military. 

The space industry is so much encouraged. In China, over 100 private space companies have been established since 2014. The companies’ work involves sending payloads into orbit, developing reusable rockets, and catching up with SpaceX. China is willing to explore space just like other developed countries and does not want to be left out. 

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