On January 16, “Galaxy Space Launch” on the microblog gysingllu hot search, the event’s protagonist Galaxy Aerospace (Beijing) Technology Co., Ltd. (hereinafter referred to as Galaxy Space) naturally became the focus of public attention, and Xiaomi Group Chairman Lei Jun’s personal micro-blog made the investors behind Galaxy Space also surfaced. Lei Jun said in the tweet that Galaxy Space successfully launched its first star, opening the curtain on the era of innovation in China’s commercial space science. “We were very lucky to invest in Galaxy Space early on and become a major investor in Galaxy Space. “
In this tweet, Lei Jun deliberately smugly smugly smugly smugly smugly smugly smitto, a former cheetah mobile president who once used him and Xiaomi as a startup bible. In fact, since its inception in 2016, Galaxy Aerospace has received four rounds of financing, with the latest valuation of more than 5 billion yuan. In addition to Shunhe, there are a number of well-known institutions are also the capital behind the company. So for the commercial space field, PE, VC and other investment institutions in the end how to see? When will the Chinese version of SpaceX appear?
Capital takes the lead in seeing the potential for development
In July 2018, Xu Ming officially stepped down as President of Cheetah Mobile. Cheetah Chairman Fu Sheng issued an internal letter reviewing 16 years of co-founding with Xu Ming. At the end of the letter, he said: “Xu Ming, will always be the fearless, forward to the dream of the young man.” “
Many speculated about where Mr. Xu’s next destination would be, but he didn’t announce them, but quietly hung photos and resumes on a start-up’s web page, showing the identity of Galaxy Aerospace’s chairman and CEO. Commercial spaceflight, this is his next journey.
In February 2019, OneWeb launched its first six Internet satellites, officially began laying out its own space star map, an “air Internet” of 1980 satellites. Xu Ming and his team found the target, he used thousands of satellites to weave a global space Internet, the internet has not yet connected to the 4 billion Earth people from the information gap.
In an internal sharing of Galaxy Space, he said he wanted to make a commercial space company that could compete with OneWeb, SpaceX and even NASA and China Aerospace. “It’s a dream in my heart. “
In his business introduction to Galaxy Aerospace, “Daily Economic News” reporter saw such a statement: Galaxy Aerospace is committed to through agile development, rapid iteration model, large-scale development of low-cost, high-performance small satellites, to build the world’s leading low-orbit broadband communications satellite constellation, to build a global coverage of the world-wide fusion 5G communications network. Improve network connectivity for all regions and everyone, providing cost-effective, fast and convenient broadband networks and services. Xu Ming said that The Milky Way is essentially a new species: “We are not a space company, nor a traditional Internet company, we will be like Xiaomi, a new era of ‘new companies, new species’.” “
Before this “new species” flew, capital was the first to see its potential. Since its establishment, Galaxy Aerospace has received a total of 4 rounds of financing, including well-known investment institutions, this list of investors can be said to be very gorgeous. Lei Jun’s Shun-for-capital also did enter from an early age, the same love of the company is Chenxing Capital, Junlian Capital, IDG Capital and other head institutions, the degree of popularity can be seen.
So what do investment institutions think?
Ray Jun and Shun for the capital bet
To say that Lei Jun himself and Xu Ming, is also quite a source. At that time, Xu Ming and Fu Sheng together to start a business with the ox image, in 2010 with Jinshan Security merged to set up Jinshan Network, Fu Sheng as the CEO of the new company, Xu Ming as the new company CTO, Lei Jun as a member of the board of directors of the new company, later as chairman.
As mentioned earlier, Xu Ming’s style was deeply influenced by Lei Jun, which was evident when he founded The Galaxy Space. This company satisfied all xu Ming’s imagination, is a vast sea of stars. Sharing, he says the process of integrating the internet and space could be painful: “But it’s because of these collisions, some frictions, and ultimately the integration of space Internet thinking and culture that our company can ultimately succeed as an extremely important guarantee.” “
Shun told the Daily Economic News that Shun has focused on commercial space in 2015 and 2016, and has started investing in the track company in 2017, with four commercial aerospace companies invested so far. Its track is laid out as follows: in the rocket field, it has invested in the interstellar glory of solid rockets and liquid oxygen methane as a technological strategy, and deep-blue spaceflight along the technical route of liquid oxygen kerosene;
Shun said that although these investments were made in early 2017, after three years of development, these companies have become the industry’s leading companies. For example, in August 2017, The launch of the Thousand-by-one-by-one-star and “Haicheng-Chi-chi”satellite in Jiuquan was the largest and most accurate satellite launched by a Chinese private satellite startup, and the first operational satellite launched by a private company with both remote sensing and Earth exploration capabilities. According to the information provided by Galaxy Aerospace, its first launch star of Galaxy Space on January 16, 2020 is China’s first low-orbit broadband communications satellite with a communication capacity of 10Gbps, and is also a low-orbit broadband communications satellite with international advanced level developed by Galaxy Aerospace.
It also introduced, the first focus on commercial space industry began in the United States, a private space company to invest in China, and then shun capital began to pay attention to the domestic commercial space in this field is still a blank. Then in the process of slowly discovering, there are a lot of people in the system began to jump out to start a business. “So the first thing we’re looking at is looking at the founding team, whether the founders are good enough, whether there’s a domestic institutional background, or a background related to technology and the Internet.” Second, whether the technology is deep enough, whether mature. The third is from the track point of view, to see if the market is big enough. “
Some space investors estimate that the amount of money invested in China’s commercial space industry in recent years has been about billions of yuan, including government funds. According to data from Latitude Ventures, a total of 13 commercial aerospace companies in China received a total of RMB2.16 billion in 2017, and in 2018, at least 36 financings were completed in China’s commercial space sector, amounting to nearly RMB3.6 billion.
Can the Chinese version of SpaceX appear?
China’s private space industry started in 2014. First, private enterprises were allowed to build and launch satellites, and then the policy was gradually opened, the National Civil Space Infrastructure Medium- and Long-Term Development Plan (2015-2025) was issued in 2015 and the 2016 official white paper “China’s Space 2016” was prepared.
SpaceX’s rapid development in the world to bring demonstration effect, domestic commercial space, private space business environment is improving, a group of pioneers in these areas to explore, trying to build a Chinese version of SpaceX, the space industry in many areas have entered the commercialization process. From 2015 to 2017, a number of aerospace start-ups have been established, which can be broadly divided into rocket companies and satellite companies.
And by 2019, the industry is becoming divided and shuffled. Shun said that in 2018 many companies in the commercial space sector are in the early stages, such as the first and second rounds of financing. And by 2019, head companies are running out, both in terms of valuation and industry recognition.
From a worldwide perspective, the commercial space field is probably a market of several hundred billion dollars, coupled with the country in recent years to promote military-civilian integration and “Internet-space” industrial upgrading and transformation, in the context of a new round of industrial revolution in the world, the space field in the commercial space development has also made a breakthrough. “The industry is definitely at a very early stage. Although capital will be deployed in 2016 and 2017, the past two to three years have been in the technology accumulation phase, and may be the first year of commercialization in 2020. Therefore, for private commercial aerospace enterprises, the future of the market is certainly very large prospects for development. “
However, some investors told the Daily Economic News that according to the valuation, China’s commercial space market demand can support more than 10 billion dollars of valuation of companies, but from a human point of view, it can be said that SpaceX verified the feasibility of China’s commercial space, “so Musk is the first and only one.”
Galaxy Space’s success in launching the first star, is it to break the situation to tear open a mouth? It’s hard to judge. But according to Xu Ming’s vision, the company will certainly integrate the new era of space Internet thinking and culture, the integration of each person is reflected in a different sense of power.
To this end, he will “look up to the stars, down-to-earth, so that 5G satellites connect every corner of the earth.”