Science News Roundup: Shanghai-backed firm raises $933 million to build satellite constellation

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Shanghai-backed firm raises $933 million to build satellite constellation

Shanghai municipal government-backed Shanghai Spacecom Satellite Technology (SSST) has raised 6.7 billion yuan ($933 million) for the construction of a low-orbit satellite constellation, one of its investors said on Thursday. The series A capital raise was led by a fund set up by the National Manufacturing Transformation and Upgrading Fund (NMTUF), CAS Star said in a statement.

(With inputs from agencies.)