(Yicai Global) Dec. 21 -- Commercial aerospace startup Shenzhen Guangwang Space Technology Co., also known as LaserFleet, has raised tens of millions of yuan in angel financing. The company will use new proceeds for product development, reported online technology news platform 36kr.com.
Cash Capital led this round of financing, with Tendence Capital and Geekhouse Capital also partaking in the funding. LaserFleet plans to build an internet constellation by launching hundreds of near-Earth orbit satellites to provide high-speed internet access for man-made space equipment such as stratospheric aircrafts, tethered balloons, sub-orbital spacecrafts, space stations and microsatellites.
At present, LaserFleet is compiling a master plan for satellite constellation and it is estimated that initial progress will be made in 2018, its founder Pan Yunbin said.
Incorporated in Shenzhen, LaserFleet maintains a management team in Beijing and a technology development base in Shanghai, with team members specialized in aviation, aerospace, internet, and precision instruments, Pan said.
The startup's institutional partners include its co-founder Spacety Co. and professional research institutes operated under the Chinese Academy of Sciences, Pan said.
In the field of low-orbit satellite communications network, commercial aerospace companies including OneWeb and Elon Mask's SpaceX may become LaserFleet's competitors in the future, Pan claimed, saying LaserFleet will have the edge in speed and cost of transmission.
The main reason why LaserFleet may overtake its competitors is that the company positions stratospheric aircrafts as its early service objects, regardless of services for terrestrial customers, Pan explained. Therefore, it is possible to select the technically superior laser solution rather than the radio communication with limited spectrum resources, he said.