China’s ADA Space Raises $55.8 Million Series B Round

Satellite and data provider ADA Space (a.k.a., Guoxing Aerospace) announced that it recently completed a 355 million yuan (US $55.79 million) Series B round of financing.

“This round of financing will be mainly used for the company’s satellite network capacity building and innovative product research and development,” the company said in an announcement.

ADA Space is developing an Earth observation constellation of 192 satellites. The constellation will consist of CubeSats and microsats.

The funding round was led by Hengjian Holdings, followed by Oriental Fortune, Dongguan Financial Holdings, Qingchuang Bole and other institutions. 

The company has raised a total of 615 million yuan ($96.65 million) in four rounds of financing since September 2018, according to Crunchbase.