Chinese launch startup, Orienspace has secured $83.5 million in a series B funding round closely following its successful debut launch, reflecting China’s growing commercial space ecosystem. The funding round on January 24, included contributions from investors such as Liangxi Science and Technology Innovation Industry Fund of Funds, Hongtai Fund, Xin Ding Capital, CMBC International Holdings, Shanhang Capital, and Shenyin Wanguo Investment.

The incoming funds will primarily be channeled into the research and development of Orienspace’s first liquid propellant rocket, the Gravity2. This rocket will utilise sophisticated technology, including the use of nine 100-ton-thrust Yuanli85 gas generator variable thrust kerosene engines for the first stage, supplemented by solid boosters. Orienspace plans for the first stage of Gravity2 to be reusable.

The debut lift-off of Orienspace’s Gravity1, an all-solid rocket, from a mobile sea platform on January 11 exemplified China’s progressing commercial space sector. This sector has been fostered since late 2014, when the government began opening the industry to private capital, supported by policies and technology transfer advances.

CEO of Orienspace, Yao Song has announced that orders for the launch of hundreds of satellites have already been received, with the company shortlisted for a number of satellite constellations. As potential new revenue sources, national Guowang and Shanghai-backed G60 Starlink LEO broadband constellations have emerged, having recently raised $943 million.

Orienspace is also considering future developments such as Gravity3, which would amalgamate three Gravity2 core stages in a Falcon Heavy-like arrangement. However, the company faces significant competition from numerous commercial and state-backed entities, which are developing their own reusable launchers.

Source: Chinese launch startup Orienspace secures $83.5 million.