GalaxySpace has completed a new round of financing, aiming to provide global 5G satellite communications and satellite internet services.
Following this round of funding, the company will continue to focus on R&D for low-orbit broadband communications satellites and the commercial deployment of application scenarios.
GalaxySpace, a commercial aerospace company, has closed its latest funding round led by Jiantou Huake Investment, with Shunwei Capital, IDG Capital, Legend Capital, and 5Y Capital participating as co-investors. The company's valuation now exceeds 5 billion yuan.
In 2018, Gaorong Ventures participated in GalaxySpace's Series A round. Following this new financing, the company will continue focusing on R&D for low-earth-orbit broadband communications satellites and the commercial deployment of application scenarios.
Founded in 2018 by Xu Ming, co-founder and former president of Cheetah Mobile, GalaxySpace integrates aerospace and internet DNA. Through agile development and rapid iteration, the company aims to mass-produce low-cost, high-performance 5G satellites and build a world-leading low-earth-orbit broadband communications satellite constellation.
While the 5G era has already begun, achieving comprehensive global coverage remains a massive challenge — ground-based base stations alone cannot reach every area. For instance, building infrastructure across vast oceans or deserts is extremely difficult. Low-earth-orbit broadband satellite constellations offer a better solution for global communications network coverage and upgrades. GalaxySpace's vision is to provide global 5G satellite communications and satellite internet services, working to eliminate the digital divide in internet development and support China's space infrastructure and information security.
"From day one, GalaxySpace's top priority has been transforming the aerospace industry from a one-off production model to a mass production model," said Xu Ming, the company's founder, chairman, and CEO. "We've assembled a team of aerospace technicians with extensive satellite development experience, and we have the independent capability to design and develop high-performance, low-cost communications payloads, satellite platforms, and ground communications systems."
To date, GalaxySpace's technical team has developed China's first Q/V-band low-earth-orbit broadband communications satellite payload and its first 10 Gbps low-earth-orbit broadband satellite communications system — with technical specifications reaching internationally advanced levels, and preliminary validation of low-cost, mass production approaches.
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