Commsat Technology closes RMB270m Series B financing round

Commsat Technology, a commercial satellite company, announced that it has completed a Series B financing round of 270 million yuan, jointly led by AVIC Capital and Beijing Wealth Capital. This is also the industry’s first major financing advancement since the satellite Internet was included in the “new infrastructure” category.

Commsat Technology, a commercial satellite company, announced that it has completed a Series B financing round of 270 million yuan, jointly led by AVIC Capital and Beijing Wealth Capital. This is also the industry’s first major financing advancement since the satellite Internet was included in the “new infrastructure” category.

Commsat will use the proceeds from the fresh funding round to build Internet satellite platforms and load automation production lines in Tangshan, Hebei Province and Yibin, Sichuan Province respectively, while strengthening the research and development capabilities of broadband communication systems and accelerating the production of ground terminal products.

Established in 2015, Commsat is positioned as a service provider for the entire industry chain of small satellites. The company has three major businesses areas: satellite development in-orbit delivery services, one-stop solution for satellite applications, and satellite networking and communication services.

At the end of 2017, Commsat launched a program demonstration of satellite intelligent manufacturing production line. The company’s co-founder and president Peng Yuanyuan introduced that the pulsed satellite intelligent manufacturing production line that is about to land in Tangshan City, drawing on the production concepts of the aircraft and automobile industries, can achieve cost reduction and efficiency through re-engineering the production process.

The first-phase production line is expected to be completed by the end of 2020, when it will have an annual production capacity of about 100, and can quickly deliver 50-500kg class satellites for government and corporate clients.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/19/commsat-technology-closes-rmb270m-series-b-financing-round/.

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