iSpace received $90.6 million in funding from venture capital group

A Chinese rocket
A Chinese rocket before its launch. Photo: Sun Hao/VCG via Getty Images

iSpace announced it has received $90.6 million, or 600 million yuan, in financing from Matrix Partners China — the Chinese affiliate of the American venture capitalist company, Caixin reports.

Why it matters: Now that the Chinese government is allowing companies to explore space, more private Chinese companies are looking to jump into the space business and are growing quickly.