Matrix Partners Announce Successful ‘A Round’ For iSpace Startup
In recent statements, Matrix Partners announced that iSpace has successfully raised almost $100 million in finances following its Series A round. iSpace aims to provide commercial rocket launches for a variety of clients including universities and research companies operating in China.
The company also sells products including solid and liquid fuel rockets of a small scale, as well as suborbital flights. iSpace saw the launch of its Hyperbola rocket from Hainan in April, which travelled over 100 kilometers in distance.
Michael Zuo of Matrix partners stated that the company was focused on the new approach the space industry was taking towards liquid oxygen and methane-fueled engines.
Furthermore, he commented on the expertise, knowledge and leadership skills iSpace founder Xiaobo provided in regards to the advancements made so far. He also mentioned the ever-popular media coverage of the SpaceX program, hoping that China and iSpace will become an equal competitor in the industry.
Although the initial number of funds of the A Round Series has yet to be disclosed, all gains from the initial financing round will proceed to further developments regarding space-functioning vehicles, production lines, further research into the company’s space engines and more.
After 2014, China allowed private businesses to begin the development and production of satellites, previously only permitted within the military and companies owned by the state.
The decision to permit private companies to develop satellites and launchers was part of a plan to pull China to a leading position in spacecraft and related tech as a means of competing with rival companies in the West.