Chinese broadband-by-satellite business GalaxySpace has reportedly raised extra financing which values the company at almost $1.6 billion (€1.57bn). GalaxySpace is looking to participate in China’s planned 13,000 satellite mega-constellation.

The cash has come from a major Chinese bank (CCB International) and others including Anhui Sanzhongyichuang Industry Development Fund, Hefei Industry Investment and Sincere Fund, as well as those already involved Legend Capital and Chaos Investment.

A statement from Galaxy Aerospace says that the new cash amounts to 11 billion Yuan.

“On March 5th this year, China’s first batch development of six low-orbit broadband communication satellites – Galaxy Aerospace 02 batch of satellites was successfully launched, the batch of satellites and the galaxy space launch star together to form China’s first low-orbit broadband communication test constellation, and build a 5G test network of star-to-ground integration – little spider web,” said the statement.

The first batch have been tested for broadband and 5G connectivity and the proposed 6G developments. The plan is to tap into a market which investment bank Morgan Stanley forecasts to be worth $1 trillion by 2040.

The constellation is now under construction and the first satellites will start launching “early next year”.

Other posts by :

1. SES predicts end of ‘big’ Geo satellites
2. Amazon Leo gets approval for 4,504 extra satellites
3. SpaceX gets a portion of India
4. TerreStar wants to build LEO network
5. Musk: “No Starlink phone”
6. Russia accused of eavesdropping on satellites
7. FCC welcomes Musk’s 1m satellite plan
8. Telesat has problems with an LEO
9. Orbital debris a real danger 

Categories: Articles, Business, Funding, Satellite

Tags: china, galaxy, satellite