Legend Capital Leads Series B Round Through $22M for Satellite Developer
Spacety, a Chinese commercial satellite company, has recently announced that Legend Capital spearheaded their second round of funding worth $22M. Among the additional investment companies involved were Matrix Partners, K2VC, Maintrend and more foundation.
Spacety was founded in 2016 and is a specialized company involved in the development of public micro-satellites as well as Nano ones. The company is adamant about building state of the art satellites with short cycles and cost-efficient production for industries, tech, and commercial companies, research labs, and others.
So far, four micro-satellites have been launched into space by the company since 2016. Yang Fend, the company’s founder, and the chief executive officer said that last year, Spacety reported revenues in the tens of thousands.
Kevin Xion, the MD at Matrix Partners, one of the other companies involved in the funding round for Spacety, stated that Matrix Partners was excited and showed great faith in the future of commercial aerospace within the future. He adds that satellites may see a massive market of their own later on and that Spacety’s resources, including their team and the tech, are at the top and is an excellent company to work with.
During July of this year, Matrix Partners also invested heavily in an initial round of funding for iSpace, another company located in China and designs, as well as develops, specialized rockets for satellites.