LandSpace has completed a new round of financing of 1.2 billion yuan

2020-09-16 18:38:16 LANDSPACE 2927

In September 2020, Land Space Technology Corporation Ltd (LandSpace) completed its Series C+ round of financing of 1.2 billion yuan, raising over 1.8 billion yuan within the past 12 months.

This round was jointly led by Sequoia Capital China, Country Garden Venture Capital, MatrixPartners China, and Cornerstone Capital. New investors included China SME Development Fund, Huzhou Saiyuan Government Fund, Lightspeed China, Gopher Asset, Yanfu Investment, Cedarlake Capital, Lakeshores International, and Sunac China Holdings. Existing shareholders, including Lucion Venture Capital, Yisheng Investment, and Joint Capital, made additional investments.

The funding will support the development of the ZQ-2 Liquid Carrier Rockets, as well as the research and mass production of medium to large LOX+LCH4 rockets. As a leading commercial rocket enterprise that has gained advantages in the whole process covering “design, research & development, production, test, and launch”, the LandSpace will seize market opportunities for the rapid global deployments of satellites, continue to increase its investment in research and development, foster talents to bolster its “defense”, and increase its commercial launch capabilities, with medium to large LOX+LCH4 carrier rockets being the core business.



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“At LandSpace, we are still exploring ways of growth. Our team will adopt a cautious and down-to-earth approach, continue to fulfill the needs for commercial satellite launches, commit to enhance the transportation capacity of the ZQ series liquid rockets, and spur the Chinese aerospace industry,” says Zhang Changwu, Founder and CEO of LandSpace.

The Company has adhered to the belief that “products are only shaped by market demand”, concentrated on medium to large rockets with formidable technical barriers, high reliability, and low costs, blazed a trail for developing LOX+LCH4 rockets in China’s commercial rocket industry and remained at the forefront of the industry. By the end of August 2020, the Company has completed several hot-fire full-system tests on TQ’s 80t engines and 20t ones, and several important ground tests on the ZQ-2 Liquid Carrier Rocket, and delivered sub-system components successively.


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Cao Xi, Partner of Sequoia Capital China, remarks, “LandSpace will be the first private rocket company developing the capacity for the deployment of low earth orbit (LEO) satellites. The positioning of the ZQ-2 series shows the Company’s deep insight into the launch demands from the satellite market. In the past 5 years, LandSpace has gained a firm footing that ensures sustainable advantage.”

Zhou Hongru, General Manager of Business at Country Garden Venture Capital, says, “The investment in LandSpace is our first move in the fields of aerospace and equipment manufacturing. The positioning of medium to large liquid rockets shows LandSpace’ confidence in and commitment to the rocket industry. The enterprise can lay foundations rapidly, thus possessing not only the capability for design, but also the capacity for independent product development and mass production. This is in accord with our thought on industry defense. In the large equipment manufacturing industry, steadiness ensures swiftness. The long development cycle of liquid rockets and their positioning reflects the significance of the enterprise. We firmly believe that LandSpace’ perseverance and patience in the field of medium to large rockets will be rewarded.”

Zuo Lingye, Partner of MatrixPartners China, remarks. “At MatrixPartners China, we started an investigation into commercial aerospace from the end of 2015. In light of the change in the business environment, we have been increasing interest and investment in the field for the past 4 years. LandSpace is an excellent example to this field. Its product portfolios complete the existing transportation capacity in China. In the “new navigation times”, we look forward to cooperating with LandSpace, in particular in the deployment of LEO satellites, and making our contribution.”

Zhang Wei, President of Cornerstone Capital, thinks, “LandSpace had the foresight to concentrate on medium to large liquid rockets, and laid solid foundations with rapidity and determination, thus being at least 2 years ahead of its competitors in the field of liquid rockets. It has built defense for continuing advantage. This demonstrates its decisiveness and execution capacity.”

Luo Zhuo, Founding Partner of THG Ventures, which is also an investor in this round, remarks, “In the past 5 years, China's private aerospace industry has made a great leap forward and the conception is being put into practice. The progress of the aerospace industry in the USA in the past decade shows that it is feasible for private companies to provide space transportation in LOE and the success of SpaceX breeds the commercialization of aerospace. Driven by the growing demand for communications, the commercial aerospace industry is about to boom in China. In our view, LandSpace, which stands on the shoulders of giants, will also boom. It will leverage the experience and lessons from China’s aerospace industry,  make combination and foster innovations in the new era.”


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Besides, more investors pinned high hopes on the development of LandSpace.


Chen Lei, President of Lucion Venture Capital, says,

      “At Lucion Venture Capital, we have been bullish about the domestic commercial aerospace industry and thus invested in enterprises engaging in satellite communications, components, and rockets. Besides, we are confident about LandSpace’ great team for its high-thrust rockets and reusable rocket technology, and would like to assist LandSpace so that it can move faster towards commercial launching and the Chinese dream of rejuvenation.”

Han Yan, Founding Partner of Lightspeed China, remarks,

      “Lightspeed China invests heavily in the technological innovation in China and commits to introduce China's innovations to the world. The vast cosmos reminds us of the aerospace industry. LandSpace’ story in the field for the past 5 years has been inspiring to us. LandSpace is expected to take on heavy duties and usher in a brilliant future. We feel very honored to team up with the company in undertaking the arduous and glorious task of developing China's aerospace industry. We think that many technologies can be developed for the industry, and we are full of confidence about LandSpace’ leading position in this field. We will celebrate its achievement soon.”

Yin Zhe, Founding Partner, President, and CEO of Gopher Asset, says,

      “Satellite Internet is a new important infrastructure included in the national plan. We regard commercial rockets as a critical technology and a bottleneck for industry capacity. This field will always benefit from the enormous satellite demand in China. As a powerful participant in China's commercial aerospace, LandSpace obtained encouraging results from huge investment in medium to large rockets, we think LandSpace has a good prospect and we will continue to promote its development.”

Xu Bo, General Manager of Yanfu Investment, remarks,

       “LandSpace specializes in medium to large rockets, commits to establishing a chain of commercial aerospace business covering ‘research & development, manufacturing, test, and launch’, and focuses on the asset-heavy model, which is consistent with the objective law. LandSpace shows foresight and determination and is expected to advance steadily for a bright outlook.”

Bao Yi, Founder and Global President of Cedarlake Capital, says,

      As a “new power” industry investment platform, “Cedarlake Capital follows the development of private aerospace, holds an optimistic view about the trend of the commercial rocket industry and believes that private commercial rocket enterprises with a formidable barrier, high reliability, and high return, will have a winning competitive edge in the market. LandSpace is a private carrier rocket enterprise that has the greatest input in research and development, takes the lead in development, and makes considerable progress in industrialization and commercialization. We believe that LandSpace will facilitate the development of China’s commercial aerospace industry, and be a powerful participant. We also believe that, with the success of LandSpace, we are sure to enhance our presence in revolutionary industries featuring new power and new intelligence.”

Li Jun, General Manager of Lakeshores International, remarks,

      “At Lakeshores International, we think that the aerospace launch market has a great potential for growth and commercial aerospace plays an important role in the rocket launch business. We are also confident about LandSpace team’s strength in technology and product road map. LandSpace will be one of the major players in China’s aerospace launch market.”

Zhao Junfeng, Founding Partner of Sunac China Holdings, says,

      “LandSpace commits to promoting the formation of an efficient double closed-loop, which involves the research, development, and industry of medium to large LOX+LCH4 engines and rockets. While advancing the development of ZQ-2, LandSpace begins to expand its presence in the industry chain and break down the barrier to mass production. The management of the Company impresses our investment research team with its tenacity, practice, and dedication. We wish ZQ-2 a successful inaugural flight next year!”


About Zhuque-2 (ZQ-2):

ZQ-2 carrier rocket is the largest LOX+LCH4 carrier rocket in development in China. The 49.5-meter rocket has a diameter of 3.35 meters. With a lift-off thrust of 268 ton at 216 ton in mass, it can deliver 6-ton payloads into LEO or payloads to the orbits of other heights through the combination of rockets in parallel.


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About the investors in this round

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