China’s private rocket startup Galactic Energy bags over $154m in new roundsGalactic Energy recently launched its CERES-1 Y9 carrier rocket, sending t…

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 mediumsized 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.

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