Armed with funding boost, SpaceSail accelerates China’s push to rival Elon Musk’s Starlink
In a record funding round for China’s satellite internet sector, domestic start-up SpaceSail has raised around 7 billion yuan (US$1 billion) to accelerate the buildout of a low-Earth-orbit (LEO) network designed to compete with Elon Musk’s Starlink project. Known officially as Shanghai Spacecom Satellite Technology, the operator of China’s Qianfan constellation completed its Series B round on…
SpaceSail, a Chinese satellite internet startup, has secured a significant funding boost to bolster its efforts to compete with Elon Musk's Starlink. Known officially as Shanghai Spacecom Satellite Technology, the company completed a Series B round of investment totaling around 7 billion yuan (US$1 billion) on Monday. This funding round, the company's second, was led by 18 investors, including state-backed Shanghai Alliance Investment and hard tech-focused venture fund CAS Star.
Following the infusion of capital, SpaceSail's valuation has reached approximately 50 billion yuan. This comes as China intensifies its pursuit of building extensive low-Earth-orbit (LEO) satellite networks to offer broadband internet and direct-to-device connectivity, challenging Starlink's dominance in the market.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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