MinoSpace, also known as Beijing Weina Star Technology Co., Ltd., announced on June 24 that it has secured more than $137 million in funding, positioning itself as a prominent player in China's commercial space sector.
The funding round was led by Wuxi Economic Development Zone Shangxian Industry Investment Fund, managed by SIP Oriza PE Fund Management, with support from Liangxi Science and Technology Innovation Industry Fund and existing shareholder Qingdao Huizhu Anfulan.
Gao Enyu, founder and chairman of MinoSpace, highlighted the strategic importance of the funding, stating, “The funding will ensure the successful implementation of major national and commercial missions like satellite internet and Earth observation.” The company plans to utilize the investment to enhance its supply chain, invest in core technologies, and establish a satellite manufacturing base in Wuxi City.
The expansion aligns with Wuxi City's initiative to bolster its commercial aerospace industry ecosystem, aiming to create a world-class hub for advanced satellite technology and manufacturing.
This move comes as various Chinese city and provincial governments ramp up efforts to foster commercial space activities, reflecting China's prioritization of the commercial space sector in its recent policy initiatives.