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Chinese Starlink rival raises $943mn

Shanghai Spacecom Satellite Technology, a space tech startup backed by the Shanghai municipal government, has raised RMB 6.7 billion ($943 million) to fund the construction of a low-orbit satellite constellation that will provide broadband access to the internet, reports Caixin. The Series A funding round was led by Shanghai Alliance Investment, an investment fund backed… ....

Shanghai Spacecom Satellite Technology , Shanghai Alliance Investment , Hengxu Capital , Guotai Junan Securities , Elon Musk ,