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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26 mins ago - Podcasts

The fight over fracking

Fracking has become a flashpoint in the election's final week, particularly in Pennsylvania where both President Trump and Joe Biden made stops on Monday. But much of the political rhetoric has ignored that the industry has gone from boom to bust, beset by layoffs, bankruptcies and fire-sale mergers.

Axios Re:Cap digs into the state of fracking, and what it means for the future of American energy, with Bob McNally, president of Rapidan Energy Group.

Democrats sound alarm on mail-in votes

Photo: Mark Makela/Getty Images

Democrats are calling a last-minute audible on mail-in voting after last night's Supreme Court ruling on Wisconsin.

Driving the news: Wisconsin Democrats and the Democratic secretary of state of Michigan are urging voters to return absentee ballots to election clerks’ offices or drop boxes. They are warning that the USPS may not be able to deliver ballots by the Election Day deadline.

Nxivm cult leader Keith Raniere sentenced to life in prison

Carts full of court documents related to the U.S. v. Keith Raniere case arrive at the U.S. District Court for the Eastern District of New York in May 2019. Photo: Drew Angerer/Getty Images

Nxivm cult leader Keith Raniere, 60, was sentenced to 120 years in prison on Tuesday in federal court for sex trafficking among other crimes, the New York Times reports.

Catch up quick: Raniere was convicted last summer with sex trafficking, conspiracy, sexual exploitation of a child, racketeering, forced labor and possession of child pornography. His so-called self-improvement workshops, which disguised rampant sexual abuse, were popular among Hollywood and business circles.