China’s iSpace Raises $90.6 Million for Launcher Development

Chinese launch vehicle startup iSpace has announced it has closed a funding round with Matrix Partners China to bring the total amount raised to $90.6 million over the past year.

In a statement, the startup said, the new financing will be mainly used to fund the research and development of launchers and engines, as well as the construction of final assembly bases and staff training….

Founded in 2016, iSpace is develops “high-quality, low-cost, fast-responding” commercial launchers to serve micro-satellite manufacturers, operators, research institutes and universities at home and abroad.

The company has two research centers, one in Beijing and one in Xi’an, capital of the northwestern province of Shaanxi, according to a news release from the company.

Maxtrix Partners China is an affiliate of the U.S.-based venture capital fund. In addition to Matrix, Crunchbase says the following backers have invested in iSpace: Fosun Group, Baidu, Shuairan Investment Management, Didi Chuxing, Citic Juxin, Venture Capital Fund of New England and Shunwei Capital.