GalaxySpace, a Chinese commercial aerospace company, recently completed its latest financing round with a post-investment valuation of approximately RMB11 billion. As an existing shareholder, Legend Capital continued to support the company by following up on this financing round.
Legend Capital first invested in GalaxySpace in 2018 and continued to follow up on the company’s subsequent financing rounds in 2019, 2020 and 2022, increasing its investment layout of cutting-edge technology and supporting the development of GalaxySpace.
Founded in 2018, GalaxySpace is the first unicorn enterprise in the field of commercial aerospace and satellite internet in China. Xu Ming, founder, chairman and CEO of GalaxySpace, said: “This round of financing will be mainly used for the R&D of satellite Internet-related technologies and the development of commercial applications. GalaxySpace will accelerate the R&D of core technologies such as stackable flat panel satellites, flexible multi-beam phased array technology, flexible solar wings, digital processing payloads, etc., and also the construction of mass-producing low-cost satellites. Step by step, we will move forward to the 6G era of the Internet of Everything.”
Nowadays, global space infrastructure construction has been developing rapidly, and commercial aerospace is becoming one of the new driving forces of the world’s economic development. According to a Morgan Stanley report, the global space economy is expected to be worth $1 trillion by 2040, and the satellite Internet is expected to account for 50% or even 70% of the market growth.
At present, GalaxySpace’s new-generation stackable flat-panel satellite has entered the prototype development stage, which is also the first flat-panel satellite in China and will be launched early next year. It is believed that the development of stackable flat-panel satellites will promote the mass production of satellites and the rapid deployment of large-scale constellations. In the future, GalaxySpace will seize the development opportunities and fully utilize the advantages of small wins and rapid iteration of commercial aerospace to make a continuous innovative contribution to China’s satellite Internet construction.
About Legend Capital
Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, and Seoul, Korea.
It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.
Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.