Venture capital

China's first private 5G satellite gets ready for lift off

China's 5G race will soon be out of this world as GalaxySpace raises a new round of funding to help it prepare for a satellite launch before the end of the year.

A group of Chinese venture capital firms have invested their money in Beijing-based satellite company GalaxySpace to speed up the launch of its 5G communication satellite.

The company didn’t disclose the amount of the investment but did say that GalaxySpace was now worth $705 million. Valued at Rmb3 billion $423 million after its Series A round in November last year, its value has grown 66% over the past 10 months.

JIC Technology Investment, the investment arm of state-backed Central Huijin, led the round. Proceeds will be used to develop its technology for low orbit broadband communications satellites.

IDG Capital, Shunwei Capital,...

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