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Galaxy Space Completed the New Round Fund- Raising Led by JIC Technology Investment

Galaxy Space, a satellite developer, has recently completed its latest round of fund-raising in which JIC Technology Investment Co., Ltd. acted as the leading investor. Shunwei Capital, IDG Capital, Legend Capital and Morningside Venture Capital also took part in the investment. With this fund-raising completed, Galaxy Space is to become one of the most highly valued start-ups in China in the commercial aerospace race.

Since its establishment in 2018, Galaxy Space has been working on the comprehensive integration between aerospace and the internet technologies. It is committed to building the world’s leading low-orbit broadband communication satellite constellation by 5G satellites with high- performance but low costs through nimble development, speedy iteration and scaling –up R&D. The Galaxy Space team has developed the first low orbit broadband communication satellite load in Q/V band and the first low orbit broadband communication satellite system with the capacity of 10Gbps. The technical indicators have reached the internationally advanced level, and some preliminary verification has been carried out in terms of low-cost and large-scale mode.

The 5G era is here, though together with looming challenges to cover the whole globe comprehensively with the 5G networks, as it is impossible to do that solely relying on the ground base stations. A low-orbit broadband communication satellite constellation is thus a brilliant solution to cover and upgrade the global communication network. The investment in Galaxy Space led by JIC Technology Investment is an important attempt to accelerate the construction of low-orbit broadband communication satellite constellations and to support the space infrastructure establishment and space information security in China. This will further propels the development of Space Internet and 5G industry of China into the international realms.

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