Insider Brief
- Shanghai Spacecom Satellite Technology (SSST) successfully raised 6.7 billion yuan ($933 million) in Series A funding.
- The funding was supported by the Shanghai municipal government and key investors like the National Manufacturing Transformation and Upgrading Fund (NMTUF), to build a low-orbit satellite constellation.
- The funding round saw participation from significant entities, including Guosheng Capital, Hengxu Capital, CAS Capital, and Shanghai Alliance Investment, demonstrating broad support from both government and private sectors.
Shanghai Spacecom Satellite Technology (SSST), supported by the Shanghai municipal government, successfully secured 6.7 billion yuan ($933 million) in a Series A funding round to build a low-orbit satellite constellation, announced by investor CAS Star. The fundraising, aimed at bolstering China’s position in the global satellite and space race, was led by a fund created by the National Manufacturing Transformation and Upgrading Fund (NMTUF), with financial contributions from China’s finance ministry, state-owned enterprises like China Tobacco, and several other investors.
Key participants in this funding include Guosheng Capital, linked to Shanghai authorities, Hengxu Capital (supported by SAIC, a state-owned vehicle manufacturer), and CAS Capital, related to the Chinese Academy of Sciences. Shanghai Alliance Investment, with ties to Shanghai’s state asset regulator, also played a significant role in the fundraising.
The investment is set to fuel SSST’s ambitions to offer internet services through its satellite network, aligning with China’s goal to expand its commercial space industry and compete with global entities like Elon Musk’s Starlink. Additionally, the funds will support SSST’s technology development, market growth, and operational needs. SSST is a key player in Shanghai’s “G60” satellite constellation initiative and has attracted various investors, including Asiainfo Security Technologies, a network security firm, indicating broad support across sectors for China’s space efforts.
Featured image: Credit: Adobe Stock
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