ADASpace, which provides commercial satellite operations and AI-driven remote-sensing data services, has snapped over 500 million yuan ($68.7 million) in a Series C round, according to a company announcement on Tuesday.
Hongtai Aplus, founded by renowned entrepreneur Yu Minhong and former Chairman of Huatai United Securities Sheng Xitai, led the financing round. The Beijing-headquartered investment firm, which also led ADASpace’s Series A+ round in July 2020, currently manages funds worth a total of 30 billion yuan ($4.1 billion), according to its website.
A slew of state-affiliated investors and corporations have participated in the round, including Taishan Urban Construction Group, Qingdao Haifa State Owned Capital Investment and Operation Group, Orinno Capital, and Jiaxing Jiaxiu Development Investment Holding.
The oversubscribed round will help the firm, also known as Guoxing Aerospace, to expand its R&D and manufacturing capability, according to the company.
Founded in 2018, the Chengdu-based firm specialises in the production of remote-sensing satellites that can process and filter images independently using AI technology, per state media. The AI system is capable of analysing whether the images are usable and making decisions on whether to send the images back or not.
Previously, the firm sealed its Series B round at 355 million yuan ($55.6 million) in November 2021, without divulging investor details. It counts New World Development, one of Hong Kong’s largest property developers, and state-owned venture capital firm Shenzhen Capital Group among some of its backers.