Jiangsu based commercial aerospace startup Spacety has now closed a $22 million Series B investment round led by Legend Capital and also participated in by the likes of K2VC, Galaxy Holding Group, Maintrend Capital, Matrix Partners China and the Dianke Xinghe Fund.

The company plans to use this investment to upgrade and develop its Micro Satellites which stands as its main focus as the aerospace startup continues to develop the satellites for several customers, 10 of which is states will be launching into space by the end of this year.

Spacety which started 2 years ago provides cost-effective satellites and has seen four of its already developed micro-satellites launch into space with the company already pulling tens of thousands of yuan in revenue in its relatively short span of starting.

China’s commercial space industry has seen a boost in recent times as the Government has loosened restrictions on the commercial space industry which has led to several startups popping up to create more aerospace solutions as several regions race to grab a huge part of the commercial space market currently dominated and renowned with globally by SpaceX.

May this year, another Chinese startup OneSpace launched China’s first private space rocket with its space vehicle dubbed “Chongqing Liangjiang Star” launching from a Northwestern Chinese base with a small satellite delivered to space used for research on furthering its space exploration efforts.

Other notable Chinese aerospace startups include LandSpace, ExPace, iSpace and LinkSpace among others with the ones stated here having raised over $300 million between them.

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