From 2015 to the present, there have been 161 investment and financing events in the domestic commercial aerospace field, involving more than 200 investment institutions.
Editor’s note: This article comes from the future of Aerospace (WeChat: FutureAerospace2018), authorized to release.
The following is the body.
In recent years, the global commercial aerospace industry has developed rapidly. China’s commercial aerospace companies have followed the trend, and more and more capital has been injected into China’s commercial aerospace industry. According to the incomplete statistics of future aerospace, there have been 161 investment and financing events in the domestic commercial aerospace industry since 2015, involving more than 200 investment institutions, many of which have been paying attention to investment institutions in this field since 15 years. Of course, it also includes the latecomers who have quickly made industrial layouts in recent years. All in all, there are more and more investment institutions in China that are looking to the commercial aerospace industry. Let us follow the future of aerospace to see how the investment in the commercial aerospace industry is.
Integrated investment in domestic commercial aerospace
According to incomplete statistics, from 2015 to 2019, there were at least 161 investment and financing events in the domestic commercial aerospace sector, and 218 related investment institutions. The industry sector most concerned by investment institutions is satellite manufacturing, with a total of 52 investments. The number of investment events in the satellite application and satellite launch fields was 51 and 36 respectively, and the least was in the satellite operation field, with 22 investments in total. It is conservatively estimated that the cumulative amount involved in these investments has exceeded 10 billion yuan.
Figure 1: Distribution of investment times in various fields of domestic commercial aerospace in 2015-2019
In 2015, 24 investment institutions participated in commercial aerospace project investment, 42 in 2016 and 51 in 2017. In 2018, this number reached 90, an increase of 76% compared with 2017. The number of investment institutions that have increased year by year reflects that the domestic commercial aerospace industry is increasingly receiving attention from the capital market, and the explosive growth of the number of investment institutions in 2018 also reflects the booming economy of the commercial aerospace industry.
We have ranked the investment institutions that have participated in commercial aerospace project investment according to the number of investment (Table 1), and found that many investment institutions have invested in the field of commercial aerospace, including Jingwei China and future aerospace. , Guoke Jiahe, Shunwei Capital, Yuanhang Capital, Zhongke Chuangxing and other companies are active.
Jingwei China
Jingwei China began its investment strategy in 2015.
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In September 2015, Jingwei China and Shibuya Capital invested in a million-yuan angel round of the Jiage Tiandi in the field of satellite remote sensing.
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In April 2017, led by DCM, Jingwei China and Shibuya Capital and investment, once again invested in A-60 million investment in Jiage Tiandi.
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In 2017, led by Safir Mobility Fund, Jingwei China and Mingchuan Capital invested in a round of investment of nearly 100 million yuan for the Tianyi Research Institute in the overall satellite manufacturing field.
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In July 2018, Jingwei China led the investment and participated in the 10,000-percent A-round investment in the planetary glory of the overall rocket manufacturing field.
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In addition, Jingwei China has invested in the origin of space for companies engaged in the development of space mineral resources.
It can be seen from the several investment events listed above that Jingwei China has gradually moved from the initial investment in satellite applications to the upstream satellite manufacturing and satellite launch fields, eventually forming coverage of satellite launch, satellite manufacturing, satellite applications and other fields. investment.
Yuanhang Capital
Yuanhang Capital began its own layout in the aerospace manufacturing sector in 2017. Yuanhang Capital first participated in the angel round financing of the satellite general manufacturing company Weiner Star in November 2017, and participated in the A round of financing of the enterprise again in 2018. Since then, Yuanhang Capital has invested in the rocket in 2018. Manufacturing company Xinghe Power and satellite measurement and control enterprise space comet. From these few investments, Yuanhang Capital basically concentrates its investment in the upstream and middle links of the commercial aerospace industry chain, basically covering satellite manufacturing and satellite transmission.Industry chain links such as shooting and satellite measurement and control operations.
Zhongke Chuangxing
Zhongke Chuangxing also started its own investment in 2017 and quickly completed its own multiple investment layout. In January 2017, Zhongke Chuangxing participated in the angel wheel investment of the component manufacturing company Sethku, and in the same year completed the investment in the satellite remote sensing application enterprise Yunyou Kyushu and the satellite manufacturing enterprise Micro-Nan Star. In 2018, Zhongke Chuangxing participated in the investment of commercial aerospace projects such as Nine-day MSI and Tianqing Aerospace. In addition, Zhongke Chuangxing also invested in the satellite monitoring and control company Zhongke Tianta. Up to now, the investment projects of Zhongke Chuangxing have basically covered the entire aerospace industry chain.
Shun is Capital
Shunwei Capital invested in the Galaxy Space in the field of satellite communication applications, the exploration of the satellite in the field of satellite manufacturing, the deep blue space and the interstellar glory in the overall manufacturing of rockets in 2018, and quickly completed its overall in the field of commercial space. layout.
Guo Kejia and
From 2016 to 2018, Guoke Jiahe successively invested in the Tianyi Research Institute in the field of satellite manufacturing, the National Science and Technology Circle in the field of satellite supporting manufacturing, the satellite optical network in the field of satellite communication applications, and the field of satellite remote sensing applications. And technology. From these investment cases, it can be seen that Guoke Jiahe’s investment direction is more focused on satellite manufacturing and satellite applications, and has formed its own multi-faceted investment layout within the branch.
Future aerospace
Future Aerospace began its investment layout in 2015.
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In 2015, in the future, Aerospace will invest in Angel Wheel for the rocket manufacturing and launching service company Blue Arrow Aerospace.
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In 2017, led by Future Aerospace, Yuanhang Capital, Zhongke Chuangxing and other investment institutions will invest in tens of millions of angels in the overall satellite manufacturing field. In the same year, the future aerospace participated in the round-round investment of the metal 3D printing company Xin Jinghe and the angel wheel investment of the satellite measurement and control operation and maintenance company Aerospace Zhike.
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In 2018, the future aerospace invested in the digital twin simulation design company Jinghang Weitai.
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In 2019, Future Aerospace invested in Vientiane Tianyu, a company specializing in satellite meteorological services.
After looking at the future investment history of aerospace, we can find that the future investment plan of aerospace is basically consistent with the upstream and downstream processes of the industry chain. First, we will invest in upstream companies such as satellite manufacturing and satellite launch, and then gradually turn to satellite operations. Downstream companies in the industrial chain, such as satellite applications, eventually completed the entireInvestment layout of the industrial chain.
Table 1: Investment Investing in Commercial Aerospace Projects and Investment Projects
Note: This table information is compiled based on incomplete statistics of public channels such as the Internet.
In terms of domestic commercial space agencies, a series of companies such as Tianyi Research Institute, Weiner Star, StarCraft Glory, Blue Arrow Space, and Zero Space have received more attention from investors and larger investments. These companies are more concentrated in areas such as satellite manufacturing and satellite launch upstream of the aerospace industry chain. To a certain extent, this shows that although there are a large number of companies in the domestic commercial aerospace satellite application field, which leads to more financing in this field, from the perspective of the company’s development speed and development scale, some companies in the field of domestic satellite manufacturing and satellite launching are near. Growth in a few years is even faster.
Investment in the global commercial aerospace industry
A few days ago, Space Angels, a representative investment institution in the US space industry, released the analysis report on the investment layout of the space industry, entitled “The Current Space Economy Landscape.” The report divides the space industry into the Governmental Space Age and the Entrepreneurial Space Age. The two “eras” took the first commercial load into orbit as a division in July 2009. After a brief explanation of this division, the report provides a detailed analysis of the layout of the space industry investment in the “enterprise space era.”
Compared with domestic, the foreign space industry started earlier, and the industrial classification has been further subdivided so far, and the business areas and scope involved are also expanding. According to Space Angels’ report, companies in the space industry can be divided into eight categories: launch industry, satellite industry, space industry, space logistics industry, space ecology industry, interstellar industry, scientific research and information services, media and education.
Figure 2: Space Industry Industry Classification by Space Angels in The Current Space Economy Landscape
The report mentions that since 2009, more than 435 companies have received more than $20.4 billion in equity investments. Among them, the well-known satellite manufacturing, operation and application (collectively referred to as the satellite industry in the report) and the launch industry have the largest investment in the two traditional space industries. Among them, the number of companies that have received investment in the satellite industry reached 271, with a total investment of 10.6 billion US dollars, followed by the rocket launch industry. The number of companies that have invested in this field is 79, with a cumulative investment of 88. One hundred million U.S. dollars. The two industries have received a total investment of about 19.4 billion US dollars. In contrast, the scale of domestic investment of 10 billion yuan is still far from this figure.
Figure 3: “The Current Space Economy Landscape” article on the equity investment in the space industry
In addition, the report also proposes a number of emerging industry classification concepts, such as the Industrials, Logistics, Biospheres, Interplanetary, etc., including the space resources Mining, space waste disposal, space situational awareness, space survival facilities, space flight training, space probes, deep space satellites, deep space communications, etc., and the number of related companies in these emerging industries has reached 50 or so. Up to $1 billion, and domestic companies involved in these areas are rare.
Compared with foreign countries, the domestic space industry started late, but it has developed rapidly in recent years. Although domestic companies are mainly concentrated in the traditional rocket launch industry and satellite industry (ie, satellite manufacturing, operation and application industries), it is believed that as the scale of the domestic space industry continues to expand, the industry segmentation will be more perfect. With more and moreCapital concerns and participation in the commercial space sector, the domestic space industry has a very broad prospect.