Satellite internet firm ADA Spacecloses RMB150m Series A+ round

2020-07-09
|
Isiah Liu

Satellite internet firm ADA Spacecloses RMB150m Series A+ round

ADA Space recently announced that it has completed a 150 million-yuan Series A+ financing round during the Covid-19 pandemic. The round was led by Hongtai Capital Holdings, with a post-investment valuation of one billion yuan.


Established in May 2018, ADA Space is a leading global satellite internet technology company, founded by former outstanding talents from universities specializing in satellites and its applications, research institutes, industry and the military.


In less than two years, the company rapidly grew into a quasi-unicorn enterprise in the satellite internet field, and formally launched the Series B round of financing.


It took only one year to achieve profitability since its inception, making it the fastest company in the industry to achieve profitability in its main business. The company is expected to enter the capital market next year at the earliest.


The completion of this round of financing further consolidates the market leading position of ADA Space’s satellite internet products in smart cities, transportation infrastructure, agriculture and forestry management, real estate and other industries.


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