Galactic Energy, one of China’s major space firms, has secured 1.1 billion yuan ($154.2 million) in Series C and Series C+ rounds led by state-affiliated Ziyang Major Industry Equity Investment Fund.
Founder Hesheng Investment, the wholly-owned subsidiary of Shanghai-listed financial service firm Founder Securities, joined the round.
The firm will use the proceeds to finance the R&D of Pallas-1, a medium–sized reusable kerosene-oxygen rocket named after the second asteroid discovered by humans. The first launch is expected to take place in 2024, according to a company release on Monday.
The news comes almost two weeks after Galactic Energy successfully launched its CERES-1 Y9 carrier rocket, sending two satellites into orbit. Galactic Energy’s feat marks yet another successful launch, after space firms including HongShan-backed iSpace and Matrix Partners China-backed LandSpace made their take-offs, as the country strives to become a major space superpower by 2045.
In September, Galactic Energy failed the launch of its CERES-1 Y11 rocket, after nine successful launches.
Founded in February 2018, the Beijing-based firm previously sealed its Series B and B+ rounds at 1.27 billion yuan (around $200 million) in January 2022 co-led by local investors Oriental Fortune Capital and Huaqiang Capital.