Nantong Development Zone Intelligent Manufacturing Industry Investment Fund
南通开发区智能制造产业投资基金
Nantong Development Zone Intelligent Manufacturing Industry Investment Fund is a state-backed investment fund that notably led GalaxySpace's funding round in November 2020, when the satellite internet company reached a post-money valuation of nearly RMB 8 billion and became China's first unicorn in commercial aerospace and satellite internet . The fund operates within Nantong's development zone ecosystem, aligned with Jiangsu province's broader pattern of local government funds supporting advanced manufacturing and strategic technology sectors. Its investment in GalaxySpace came alongside participation from established venture firms including 5Y Capital, Source Code Capital, and Junlun Capital, suggesting it functions as a co-investor alongside market-oriented institutions in hard-tech deals . elsewhere's corpus does not contain further detail on the fund's AUM, vintage, or subsequent deals beyond this 2020 transaction.
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Rongbao · November | Yatsen Holding and Ucommune successfully list on US equities, Nuro closes Series C funding
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GalaxySpace Completes New Funding Round to Accelerate China's Satellite Internet Development GalaxySpace has completed a new round of financing, accelerating the push to advance China's satellite internet construction. The company, a leading domestic player in the satellite internet sector, will use the fresh capital to ramp up its satellite production capabilities and expand its constellation deployment. The move comes as China races to build out its low-Earth orbit satellite infrastructure, positioning satellite internet as a critical piece of next-generation communications networks. The funding round underscores continued investor confidence in the commercial space sector despite a broader cooling in venture capital markets. GalaxySpace has now secured multiple rounds of financing since its founding, with backing from prominent institutional investors. China has identified satellite internet as a strategic priority, with state and private efforts converging to challenge the global dominance of SpaceX's Starlink. GalaxySpace is among a handful of domestic companies aiming to establish large-scale satellite constellations for broadband coverage.
Continue investing in satellite internet R&D and rapidly build low-cost, mass-production capabilities for next-generation internet satellites.
5Y News | GalaxySpace Closes New Funding Round, Becoming China's First Satellite Internet Unicorn
GalaxySpace, a leading satellite internet company, has closed its latest funding round at a post-money valuation of nearly RMB 8 billion.
