The CAS Star-backed round looks set to be the last for the satellite imaging technology producer before a planned initial public offering.

Chang Guang Satellite Technology, a China-headquartered satellite developer, completed a RMB2.46bn ($375m) financing round today featuring CAS Star, a unit of Chinese Academy of Sciences, according to DealStreetAsia. Artificial intelligence technology producer iFlytek also backed the round, as did Haitong Securities affiliate Haitong Innovation Capital Management, Shenzhen Capital Group, Estar Capital, CICC Capital, Matrix Partners China, Shanda Capital and a government-guided fund from Jilin Province. Chang Guang is building out a 60-strong satellite constellation called Jilin-1 that will use remote sensors to capture high-definition videos and optical and hyperspectral images for use in areas such as agriculture and forest management, city planning and map applications. The round was framed by DealStreetAsia as a pre-IPO round, Chang Guang having closed a $36.9m round in January 2019. The company will use the funding for further development of Jilin-1, for which it has so far launched 25 satellites, in addition to strengthening its sensor technology and increasing headcount. A second Jilin constellation, which will be made up of 138 satellites, is also on the agenda. Other China-based companies in the industry to have raised money include Tsinghua University spinout LandSpace, which raised $71m a year ago. – A version of this article first appeared on our sister site, Global Corporate Venturing.

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.



Not sure if you have a subscription?