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ADASpace, a company that offers commercial satellite operations and AI-driven remote-sensing data services, has secured more than 500 million yuan (.7 million) in a Series C funding round, according to an announcement made by the company on Tuesday.

The financing round was led by Hongtai Aplus, an investment firm based in Beijing. Hongtai Aplus, founded by renowned entrepreneur Yu Minhong and former Chairman of Huatai United Securities Sheng Xitai, had previously led ADASpace’s Series A+ funding round in July 2020. The investment firm currently manages funds worth a total of 30 billion yuan (.1 billion), as stated on its website.

Several state-affiliated investors and corporations participated in the round, including Taishan Urban Construction Group, Qingdao Haifa State Owned Capital Investment and Operation Group, Orinno Capital, and Jiaxing Jiaxiu Development Investment Holding.

The oversubscribed funding will support ADASpace, also known as Guoxing Aerospace, in expanding its research and development (R&D) capabilities and manufacturing capacity, according to the company.

Founded in 2018 and based in Chengdu, ADASpace specializes in the production of remote-sensing satellites that utilize AI technology to independently process and filter images. The company’s AI system is capable of analyzing the usability of images and making decisions on whether to send them back or not.

In November 2021, ADASpace raised 355 million yuan (.6 million) in its Series B funding round, with investor details not disclosed. Notable backers of the company include New World Development, one of Hong Kong’s largest property developers, and state-owned venture capital firm Shenzhen Capital Group.

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