SpaceSail Secures $1 Billion to Compete in Satellite Internet Race

In a significant boost for China's satellite internet ambitions, Shanghai Spacecom Satellite Technology, also known as SpaceSail, has successfully closed a Series B funding round, amassing approximately 7 billion yuan (about US$1 billion). This funding will expedite the development of its low-Earth-orbit (LEO) network, aimed at rivaling Elon Musk's Starlink.

The announcement was made following the completion of the funding round on Monday, as reported on the Shanghai United Assets and Equity website. SpaceSail is the operator behind China's Qianfan constellation, striving to position itself strongly in the competitive satellite internet market.

Source: www.scmp.com