Source Code Capital Portfolio Company GalaxySpace Announces New Funding Round

源码资本·September 17, 2019·0·2

GalaxySpace has developed China's first Q/V-band low-orbit broadband communications satellite payload and the first 10 Gbps low-orbit broadband satellite communications system.

GalaxySpace, a commercial aerospace company, has closed its latest funding round led by Jianyin Huake Investment Co., Ltd. ("Jianyin Huake"), with Shunwei Capital, IDG Capital, Legend Capital, and 5Y Capital participating as co-investors. The company's valuation now exceeds 5 billion yuan, making it one of the highest-valued startups in China's commercial aerospace sector.

In 2018, GalaxySpace secured backing from Source Code Capital, Shunwei Capital, 5Y Capital, IDG Capital, Gaorong Ventures, and Legend Capital. Following this new round, the company will continue focusing on R&D for low-earth-orbit broadband communications satellites and the commercial deployment of its technology.

Founded in 2018 by Ming Xu, co-founder and former president of Cheetah Mobile, GalaxySpace combines deep expertise in both aerospace and internet technology. The company employs agile development and rapid iteration to mass-produce low-cost, high-performance 5G satellites, with the goal of building a world-leading low-earth-orbit broadband communications satellite constellation.

"From day one, our top strategic priority at GalaxySpace has been transforming the aerospace industry from a one-off manufacturing model to mass production," said Ming Xu, founder, chairman, and CEO of GalaxySpace. "We've assembled a team of aerospace engineers with extensive satellite development experience, and we have the in-house capability to independently design and develop high-performance, low-cost communications payloads, satellite platforms, and ground communications systems."

Ming Xu, Founder, Chairman, and CEO of GalaxySpace

To elaborate: although the 5G era has begun, achieving truly global coverage remains a massive challenge. Ground-based base stations alone cannot reach every corner of the planet — building towers across vast oceans or deserts is impractical, to say the least. Low-earth-orbit broadband satellite constellations offer a far more effective way to blanket the globe with communications coverage and upgrades. GalaxySpace's vision is to provide 5G satellite communications and satellite internet services worldwide, bridging the digital divide in internet development and bolstering China's space infrastructure and information security.

GalaxySpace's technical team has already 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 — both meeting international advanced technical standards. The company has also made initial progress in validating low-cost, mass-production approaches.