A young Chinese commercial space firm called Chengdu GuoXing Aerospace Technology has sent two satellites into space within 100 days after its establishment, and now the company is preparing for a new launch in December.
The firm was set up in the capital of southwest China’s Sichuan Province in May. It has developed two experimental satellites integrated with AI technology.
“The AI technology could give the satellite a stronger capability of automatic data analysis,” said Zhao Hongjie, vice president of the startup firm.
The company has around 40 employees most of whom are under 30. It is one of the best examples of China’s emerging commercial space industry. Launching rockets and satellites has long been the goal of China’s state-owned aerospace companies, but private space firms are now popping up hoping to make a name for themselves in this burgeoning industry.
The value of the global space market is estimated to reach $485 billion in 2020 when the value of China’s space market is projected to be 800 billion yuan ($125.78 billion).