Genesat, also known as Shanghai Gesi Aerospace Technology, a crucial player in China's ambitious Thousand Sails megaconstellation project, has announced a substantial funding boost. The company secured over 1 billion yuan (approximately $137 million) in Series A+ funding on December 30th. Key investors include prominent Chinese entities such as the National Manufacturing Transformation and Upgrading Fund, China Development Bank Science and Technology Innovation, Guosheng Capital, SIMIC Capital, and Shanghai FTZ Fund.
While the precise allocation of funds remains unannounced, potential applications include advancements in research and development, infrastructure improvements for manufacturing facilities, product innovation, and strategic market expansion. Genesat’s core mission centers on the design and production of satellites destined for the Qianfan (Thousand Sails) low Earth orbit (LEO) communications network.
Established in 2022 through a collaboration between the Chinese Academy of Sciences’ Innovation Academy for Microsatellites (IAMCAS) and Shanghai Spacecom Satellite Technology (Spacesail), Genesat plays a vital role in Spacesail's larger goal. Spacesail aims to deploy a massive 14,000-satellite constellation, with a projected 600 satellites in orbit by the end of 2025. This initiative directly challenges established players like Starlink in the global satellite communications market.
Spacesail itself secured a significant 6.7 billion yuan (approximately $943 million) in Series A funding in February 2024. The company, previously involved in the KLEO Connect Chinese-European joint venture, currently boasts 56 satellites in orbit, following three separate launches of 18 satellites each via Long March 6A rockets in 2024. Genesat was responsible for the second batch launched in October. The first flat-panel satellites designed for the Thousand Sails constellation were completed in December 2023, with further launches planned using a Long March 8 rocket from Hainan’s commercial spaceport.
This surge in activity aligns with the Shanghai government's ambitious Shanghai Action Plan to Promote Commercial Aerospace Development and Create a Space Information Industry Highland (2023-2025). This initiative projects an impressive annual capacity of 50 commercial rockets and 600 commercial satellites by 2025. The substantial investment in Genesat, coupled with similar funding for Landspace, underscores the strong government backing for the expansion of China's commercial space sector.
The recent launches for Thousand Sails and the national Guowang megaconstellation (which also involves approximately 13,000 satellites), along with a record-breaking 68 launch attempts in 2024, paint a clear picture of China's rapid advancement in space technology and its ambitious goals for the future.