GalaxySpace, a Chinese satellite internet service, raises money.

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GalaxySpace, a Chinese satellite internet firm, has acquired new capital valuing the company at $1.58 billion, according to the company.

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The fundraising follows a November 2020 round that valued the company at $1.2 billion and highlights its position to contribute to China's 13,000-satellite megaconstellation.

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Anhui Sanzhongyichuang Industry Development Fund, Hefei Industry Investment, and Sincere Fund led the round. Legend Capital and Chaos Investment invested more.

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GalaxySpace founder and CEO Xu Ming has stated that the funds will mostly be used for R&D into satellite Internet-related technologies and their commercial applications.

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GalaxySpace would enhance research on stackable spacecraft using flat panel antennas, multi-beam phased array technologies, flexible solar arrays, and digital computer payloads.

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In late August, during National Science and Technology Week, the business showcased a stackable satellite bus equipped with a phased array flat panel antenna and a flexible solar array.

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According to GalaxySpace, using flat panel antennas and flexible arrays reduces the need for a large payload fairing, allowing for the simultaneous launch of dozens of satellites.

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According to GalaxySpace, the first Chinese-made stackable satellites will be launched sometime in the first quarter of 2019.

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GalaxySpace used a previous satellite bus to launch six experimental communications satellites for the "Mini-spider constellation" in March.

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Successful 5G network tests using the satellites were also seen as having relevance to China's national broadband constellation strategy.

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Hongyan and Hongyun were independently designed by CASC and CASIC, however they appear to be part of China's national constellation ambitions.

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China Satellite Network Group Co., Ltd., or SatNet, a state-owned enterprise created in April 2021, is in charge of the new national strategy.

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Since then, SatNet has signed agreements with other municipalities, and it appears to be counting on the support of China's budding commercial space industry.

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Several private rocket firms have seen the national satellite internet project as a possible client base and revenue generator.

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