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ADASpace, a company specializing in commercial satellite operations and AI-driven remote-sensing data services, has successfully raised over 500 million yuan (.7 million) in a Series C funding round. The round was led by Hongtai Aplus, an investment firm founded by entrepreneur Yu Minhong and former Chairman of Huatai United Securities, Sheng Xitai. Hongtai Aplus had previously led ADASpace’s Series A+ round in July 2020 and currently manages funds worth a total of 30 billion yuan (.1 billion).

Several state-affiliated investors and corporations participated in the oversubscribed funding round, including Taishan Urban Construction Group, Qingdao Haifa State Owned Capital Investment and Operation Group, Orinno Capital, and Jiaxing Jiaxiu Development Investment Holding. The additional funds raised will enable ADASpace, also referred to as Guoxing Aerospace, to expand its research and development capabilities as well as its manufacturing capacity.

Founded in 2018 and headquartered in Beijing, ADASpace specializes in the production of remote-sensing satellites equipped with AI technology. These satellites are capable of independently processing and filtering images. The AI system analyzes the usability of the images and makes decisions on whether to transmit the images back or not.

In a previous funding round, ADASpace secured 355 million yuan (.6 million) in Series B funding in November 2021. The specific details regarding the investors involved were not disclosed. However, 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.

The latest funding round will propel ADASpace’s advancements in satellite technology and help the company meet the growing demand for AI-driven remote-sensing data services in various industries.

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