XCOR hasn’t announced this yet, but Haiyin Capital’s investment is listed on the venture capital firm’s website and was mentioned in a story by Fortune:
The trip is organized by Chinese venture capital firm Haiyin Capital, which just finished dispersing its third fund of $50 million into mostly U.S. tech startups like energy storage startup LightSail Energy, based in the Bay Area, solar tech startup 1366 technologies, located just outside of Boston, private space flight company XCOR Aerospace, in Mojave, Calif., and crowdfunding company AngelList (distributed offices)….
Haiyin Capital founding managing partner Yuquan Wang (pronounced “Yee-chwan”) uniquely straddles the U.S. and Chinese tech worlds; he teamed up with consulting firm Frost & Sullivan early on in his career and as a consultant helped China Mobile grow from almost nothing to the mobile juggernaut it is today. He started investing in both Chinese and U.S. tech startups about a decade ago.
Wang told Fortune in an interview that there are many promising young startups in the U.S. that can make really complicated high tech products, but have a problem reaching mass production. When startups are small and only at the R&D stage, their valuation is small and the big capital they need to get to the next level can’t be raised, he says. But they often need a big investment to reach that large manufacturing scale and to reach a big global market, which will eventually lead to a much bigger valuation. “It’s like a chicken-and-egg problem,” says Wang.