Investing in China\'s Commercial Aerospace Industry - China Growth Capital
14 February 2019
BEIJING, Feb. 14, 2019 /PRNewswire/ -- On November 20, 2018, China's private space launch firm, LandSpace, announced that it had closed the series B+ round of financing at ¥300m RMB ($43m USD), led by China Growth Capital with Zhongji Investment, 36Kr, Juzhuo Capital and others, bringing the total raised by LandSpace to over ¥800m ($115m USD). The purpose is to create a new commercial aerospace ecosystem consisting of the development, production and testing of the new liquid rockets.
Wayne Shiong, Partner of China Growth Capital (CGC), a leading investor, said, "Following the recent successful landing of the robotic spacecraft, Chang'e-4, on the far side of the moon on 3 Jan 2019, we are confident in the growth of the Chinese aerospace industry for the coming decades. Private firms like LandSpace can add value by becoming a beneficial market supplement to traditional state-owned firms. LandSpace can greatly shorten the R&D time of small and medium-sized liquid oxygen methane engines in China and effectively reduce the cost of commercial launches in the future."
This financing round of LandSpace will be mainly for the R&D of the 80t liquid oxygen methane engine "Tianque" (TQ-12) and the medium-sized liquid launch vehicle "Zhuque 2" (ZQ-2); both are flagship products of LandSpace. 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.
Zhang Changwu, CEO of LandSpace, believes the privately held firm's remarkable progress is attributed to a clear commercialization strategy and strong technical team. In the future, LandSpace will adhere to its true and tested technical strategy and continue to contribute to China's aerospace industry. LandSpace will focus on R&D, manufacturing and supply chain management, in order to meet the needs of the upcoming commercial launch in 2020.
LandSpace Technology Corporation Ltd. 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, LandSpace is devoted to the development of Liquid-fuel Rocket Engines (LREs) and low-cost commercial launch vehicles with independent intellectual property rights.
About China Growth Capital
China Growth Capital is a leading early-stage venture capital firm in China with an extended interest in Silicon Valley. The firm funds seed to Series B in fintech, enterprise tech and Internet consumer sectors. Since its founding in 2006, China Growth Capital has grown to manage 8 Billion RMB (approximately 1.2 Billion USD) in asset under management across its different RMB and USD funds, with close to 300 portfolio companies. In addition to spaces technology, China Growth Capital has also recently invested in industries such as enterprise software, fintech, medtech, argritech, e-commerce and artificial intelligence etc.
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SOURCE China Growth Capital