Jul 2, 2018

iSpace received $90.6 million in funding from venture capital group

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.

The state of play: China launched its first private rocket earlier this year in May with OneSpace Technologies. The country also launched a satellite to the far side of the moon that same month.

The backdrop: The government had a firm grip on state-owned research agencies and military units working toward space until 2014 when China opened its doors to private companies looking to position themselves to rival companies like SpaceX. The government's goal is to become a "space flight superpower" and to launch a permanently manned space station by 2022.

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Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,251 people and infected almost 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 2 hours ago - Health

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.