Source Code Capital portfolio company "Lingkong Tianxing" announces completion of over 300 million yuan Series A funding round, with existing shareholder Source Code Capital continuing to increase its stake

源码资本·August 9, 2021·0·0

Beijing Lingkong Tianxing Technology Co., Ltd. (hereinafter referred to as "Lingkong Tianxing") has completed an oversubscribed Series A financing round of more than 300 million yuan. This round was co-led by Matrix Partners China and a Shanghai municipal industrial investment fund initiated by Shanghai Guosheng Group, with participation from WY Capital, Xiamen Feiyu Yinghang, and Shanghai Huygens. Existing shareholders Source Code Capital, Volcanic Stone Capital, Keli Venture Capital, Yuanhe Origin, and Zhencheng Capital continued to increase their stakes. **Among them, Source Code Capital was the sole investor in Lingkong Tianxing's angel round.**

Space Transportation (凌空天行, hereafter "the Company") has raised over RMB 300 million in its Series A funding round. The round was co-led by Matrix Partners China and a Shanghai municipal industrial investment fund initiated by Shanghai Guosheng Group, with participation from WY Capital, Xiamen Feiyu Yinghang, and Shanghai Huygens. Existing shareholders Source Code Capital, Volcanic Stone Capital, Keli Venture Capital, Yuanhe Origin, and Zhencheng Capital continued to increase their stakes. Source Code Capital was the sole investor in the Company's angel round.

Space Transportation is the only high-tech enterprise in China engaged in the development and commercial application of hypersonic flight products. Hypersonic flight technology represents a new strategic high ground in aerospace development for the 21st century, with enormous commercial potential.

Product roadmap schematic

The Company boasts a leading domestic team of hypersonic flight technology specialists, with extensive experience in R&D design and engineering practice. It has mastered multiple core technologies including aerodynamics, control systems, and thermal protection, and is committed to the development and application of commercial hypersonic vehicles — a market with trillion-scale potential.

Space Transportation has established a clear technology roadmap through preliminary feasibility studies: from technology verification platforms, to suborbital space tourism vehicles, and ultimately to global hypersonic aircraft. The Company has already achieved breakthroughs in multiple key technologies.

Global hypersonic flight schematic

From 2019 to 2022, the Company conducted extensive flight tests of technology verification platforms to validate various key technologies. In 2023, it completed the maiden flight of a suborbital space tourism prototype. A crewed test flight of the suborbital space tourism vehicle is planned for 2025, with the first flight of a global hypersonic aircraft targeted for 2028, and full-scale global hypersonic aircraft flight by 2030.