Beijing-based rocket developer Space Pioneer announced on Thursday that it has secured over 1.5 billion yuan ($207 million) in its latest round of fundraising, aimed at advancing its reusable rocket technology.
Known formally as Beijing Tianbing Technology Co, Space Pioneer is part of a burgeoning group of private-sector rocket developers in China, driven by the government’s ambition to establish the nation as a leading power in space exploration.
Since its founding in 2019, Space Pioneer has completed 15 rounds of financing, amassing a total of over 4 billion yuan. The newly acquired funds will be allocated to support the inaugural flight and mass production of the Tianlong-3 rocket.
In April 2023, Space Pioneer made headlines by launching the Tianlong-2, or “Sky Dragon,” a kerosene-oxygen rocket, becoming the first private Chinese firm to achieve a liquid-propellant rocket launch into space.
The upcoming Tianlong-3, a two-stage rocket, will feature reusability, which the company claims will significantly reduce mission costs for its clients.
Additionally, Space Pioneer has plans to develop a larger variant of the Tianlong-3, comparable to SpaceX’s Falcon 9, further underscoring its competitive aspirations in the space industry
