Chinese commercial space flight company CAS Space has raised 600m yuan ($86.84m) in its Series C funding round, reported Deal Street Asia.

The round was led by government-backed investor Guangzhou Industrial Investment and Capital Operation Holding Group.

CAS Space’s existing investors and affiliates of the Chinese Academy of Sciences (CAS), CAS Investment and CAS Capital also joined the round.

The company intends to use the funding for research and development of liquid-propellant rocket and rocket recycling technology. The proceeds will also go towards the mass production of solid fuel rockets.

CAS Space, which was founded in December 2018, is also known by its Chinese name Zhongke Yuhang

The company, which is partially owned by CAS, raised 200m yuan ($28.91m) as part of an extended Series B round in May 2021.

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By GlobalData

CAS Star, a hard-tech investment company supported by CAS, Yuexiu Industrial Investment Fund, a private equity company focused on southern China’s Greater Bay Area, and hard-tech-focused V Fund are a few of the company’s backers.

Earlier this month, the company conducted a successful rocket vertical landing test at sea, reported The Global Times.

At the time, researchers at the CAS claimed that the technology would pave the way for a reusable platform for near-space experiments as well as the advancement of space travel.

CAS Space’s funding comes after the collapse of UK-based space company Virgin Orbit. The company, which earlier this month filed for Chapter 11 bankruptcy protection, failed due to factors such as launch delays and lack of business.