Andrew Jones
Shanghai Spacecom Satellite Technology has raised 6.7 billion yuan ($943 million) for the construction of its G60 low Earth orbit megaconstellation.
SSST recently secured the series A funding according to Feb. 1 news reports, citing a major investor. The round was led by a fund set up by the National Manufacturing Transformation and Upgrading Fund (NMTUF), Reuters reported.
Other investors included Shanghai Alliance Investment, a venture capital arm of the Shanghai Municipal Government, CASSTAR, a venture investment and incubator firm ultimately under the Chinese Academy of Sciences (CAS), Guosheng Capital, Hengxu Capital and CAS Capital, also under CAS.
The development comes as SSST prepares to begin construction of its 12,000-satellite strong “G60” constellation. An initial 108 satellites of a total of around 12,000 “G60 Starlink” satellites are to be launched across 2024.
SSST and CAS’s Innovation Academy for Microsatellites (IAMCAS) established Shanghai Gesi Aerospace Technology (Genesat) in 2022 to set up satellite manufacturing facilities.
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