Chinese commercial company Space Pioneer, also known as Beijing Tianbing Technology Co., Ltd, has recently secured a significant funding round of over 1.5 billion yuan ($207 million) for its reusable Tianlong-3 rocket. The funding, announced on June 6, involved the participation of at least 15 investors, comprising a mix of private equity and state-linked investment entities.

The funding, termed as “C+” round, will primarily support the upcoming launch of the Tianlong-3 rocket, its mass production, and the necessary modifications for reusability. Additionally, the investment will facilitate the mass production of the smaller Tianlong-2 rocket.

The Tianlong-3 rocket, also known as “Sky Dragon-3,” is designed as a two-stage kerosene-liquid oxygen rocket powered by nine Tianhuo-12 engines in its first stage. The rocket, measuring 71 meters in length with a diameter of 3.8 meters, is anticipated to have the capability to carry 17 tons of payload to low Earth orbit or 14 tons to a 500-kilometer sun-synchronous orbit. Space Pioneer aims to conduct approximately 30 launches of the Tianlong-3 rocket annually.

The company is currently preparing for a static fire test of the Tianlong-3 first stage by the end of June, with the first official launch expected in the near future. Once operational, the Tianlong-3 rocket will significantly enhance China’s launch capabilities, enabling the country to handle large batches of satellites and becoming the second most powerful rocket in the nation after the Long March 5B in terms of payload capacity to low Earth orbit.

With this latest funding round, Space Pioneer’s total fundraising now exceeds four billion yuan ($552 million), positioning the company as one of the most well-funded commercial launch entities in China. The substantial financial support received also underscores the strong backing available for launch companies in China, despite the presence of numerous players in the commercial launcher sector.