SSST has raised 6.7bn yuan ($933m) to fund the construction of a low-orbit satellite constellation, reported Reuters, citing SSST investor CAS Star. 

The Series A funding round was led by a fund set up by National Manufacturing Transformation and Upgrading Fund (NMTUF). 

NMTUF is backed by China’s finance ministry and government-backed entities such as China Tobacco. 

The funding round also attracted various other investors, including Guosheng Capital, Hengxu Capital, which is supported by SAIC, and CAS Capital, a firm associated with the Chinese Academy of Sciences.  

Shanghai Alliance Investment, SSST’s founding shareholder and controlled by Shanghai’s state asset regulator, also participated in the fundraising. 

Asiainfo Security Technologies, a network security product and service provider in China, is also listed among the investors in SSST. 

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Founded in 2018, SSST aims to provide internet services through its satellite constellation. 

It is a key player in the Shanghai government’s “G60” satellite constellation project, which aims to deploy numerous satellites as part of the city’s strategic plan. 

The news comes as China is rushing to launch satellites into orbit to overtake Elon Musk’s Starlink.  

Investors anticipate that this effort would increase demand for satellites and rocket launches in the nation’s larger commercial space business. 

In a related development, the Chinese government approved more than 40 AI models for public use since implementing an artificial intelligence development approval process in 2023.  

The latest batch of 14 large language models received regulatory approval in January 2024, which marks a significant stride in the country’s AI governance.