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IDG Capital joined the latest investment round in Galaxy Space, a private company which mass-produces low-cost satellites for commercial use. The firm is currently valued at $710 million, making one of the most valuable startups in the Chinese private aerospace industry. GalaxySpace, which did not disclose the size its most recent funding round, said it plans to develop and launch a Low Earth Orb communications constellation. In 2018, the company also launched an experimental payload satellite to test on-board, high-performance computing, space imaging and communications for a mini-space station built by Chinese tech giant Alibaba. This is the second GalaxySpace fundraising round in which IDG Capital has participated.
IDG Capital joined a $100 million Series C investment round in Smart Fabric, a Chinese startup providing internet-enabled solutions for the textile industry. Founded in 2014, Smart Fabric has developed a cloud-based enterprise resource planning (ERP) system to connect luxury brands and major fashion retailers with spinning mill operators and printing, dyeing, and weaving factories. Smart Fabric clients include H&M, Walmart, Amazon, Hugo Boss, Armani and Calvin Klein. Previously, IDG Capital also joined Smart Fabric’s Series B round.