LandSpace, a Beijing, China-based private space launch company, closed ¥300m RMB ($43m USD) Series B+ financing.
The round, which brought the total raised to over ¥800m ($115m USD), was led by China Growth Capital with participation from Zhongji Investment, 36Kr, Juzhuo Capital and others.
Led by Zhang Changwu, CEO, LandSpace Technology Corporation is a Chinese private aerospace enterprise engaged in the R&D and operations of launch vehicles. Focusing on small and medium scale commercial aerospace application market, the company focuses on the development of Liquid-fuel Rocket Engines (LREs) and low-cost commercial launch vehicles with independent intellectual property rights.
LandSpace intends to use the funds to continue to develop the 80t liquid oxygen methane engine “Tianque” (TQ-12) and the medium-sized liquid launch vehicle “Zhuque 2” (ZQ-2).
The trial run of short nozzle state thrust chamber for engine “Tianque” (TQ-12) has been completed by the end of September 2018. It is expected that the test run of the whole system will be completed in the first half of 2019. The medium-sized liquid launch vehicle “Zhuque 2,” which is developed based on the engine “Tianque” (TQ-12), is planned to have its maiden voyage in 2020.