(Yicai Global) Aug. 25 -- Chinese private aerospace company Interstellar Glory Space Technology has finished the largest single round of financing in the domestic commercial space sector.

The Beijing-based firm, also known as iSpace, has completed its CNY1.2 billion (USD173.6 million) B round of financing, led by the Beijing Financial Street Capital Operation Center, the Paper reported.

Sequoia Capital China, Citic Securities, China Merchants Securities, as well as existing shareholders Matrix Partners China and CDH Investments participated in this round.

The funds should be used for developing launch vehicles and building competitive tech teams. The company is preparing for a mission with its new SQX-1 Y2 carrier rocket this fall, it said.

Editor: Emmi Laine