Chinese private rocket maker OneSpace gets $44m Series B boost

OneSpace Technology, a Chinese private rocket producer, announced today the closure of a US$ 44m (RMB300 million) Series B round, bringing its total funding to $116 million. Backers of this round include CICC Jiatai Equity Funds, China Merchants Venture Capital, FinTrek Capital, and Qianhai Wande Fund amongst others. The new funding will be used to develop new products, talent recruitment, investments into companies along the private spaceflight industry chain, etc.

Founded in 2015, OneSpace was often dubbed as China’s answer to Elon Musk’s SpaceX or Jeff Bezos’ Blue Origin.

Chinese President Xi Jinping made the ‘space flight superpower’  the nation’s top priority with the goal of launching a permanently manned space station into orbit by around 2022, and OneSpace is the product of China’s governmental effort to encourage private participation in the country’s commercial space flight.