# Tianbing Technology Co.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/tianbing-technology-co

- Industry: Aerospace
- Headquarters: Beijing, China
- Website: www.spacepioneer.cc
- Total disclosed funding: $222M
- Latest round: Series D (Oct 9, 2025)
- Investors on record: 38

## About

Established in 2015 and based in Beijing, China, Tianbing Technology Co., Ltd. is an aerospace company that focuses on aerospace propulsion systems and space vehicles R&D. The company has R&D centers in Beijing and Xi'an, a test center in Zhengzhou and an intelligent manufacturing base in Zhangjiagang. The core R&D personnel have more than 13 years of experience in the development of launch vehicles and 95% have master's degrees of its total employees. In 2023, the company won the title of "2023 China Unicorn Company". In April 2023, its product, the Tianlong-2 liquid launch vehicle successfully made its first flight in Gansu. In October 2025, Tianbing Technology Co., Ltd. closed a series D funding from returning investor Guoyu Capital with participation from new investors Bank Of China Financial Assets Investment, Bjtu Union Investment Management Group Co., Ltd, China Orient Asset Management, Guian New Area Kunpeng Fund, Hunan Hi-Tech Venture Capital, Hunan Shengli Investment, Jigang Group, Qingshui Comet, Shenwan Investment Fund and other unspecified investors. The round was part of a larger approximately CNY 2.5 billion series D funding.

Tianbing Technology Co., Ltd. is mainly engaged in the research and development of new-generation room-temperature green liquid propellants and aerospace propulsion systems. The company focuses on the commercial aerospace field and its business includes rocket launch services, power system support, and product technology services. Its products can be categorized into rocket series and engine series, such as TL-2, TL-3H and TH-11. 

The company generates revenue by developing and providing aerospace propulsion systems and space vehicles.

The funding raised in October 2025 will primarily be used for the preparation of materials for mass production of rockets and engines, as well as for the development of next-generation engines and rockets, further promoting technological breakthroughs and industrialization in my country's commercial aerospace industry.

## Funding rounds

- Series D, Oct 9, 2025 — Hunan Hi-Tech Venture Capital, China Orient Asset Management, Bjtu Union Investment Management Group Co., Ltd, Hunan Shengli Investment, Guoyu Capital, Bank Of China Financial Assets Investment, Shenwan Investment Fund, Guian New Area Kunpeng Fund, Jigang Group, Qingshui Comet
- Series C, Jun 6, 2024, $207M — Haitong Leading Private Equity Fund Management, Beyond Capital, China Capital Management, Beijing Capital Science and Technology Development Group Investment Management, Jundu Capital, Deyue Investment, SDIC Taikang Trust, Zhejiang Qianzhan Investment Management, Broad Vision Funds, Suzhou Zhuopu Fund Management, Wuxi Industrial Development, Hongfu Investment, Guoyu Capital, Hefei Ruicheng Venture Capital Management, Zhongcai Tenghua Capital
- Series C, Oct 25, 2023 — Haitong Leading Private Equity Fund Management, Beijing Capital Science and Technology Development Group Investment Management, Deyue Investment, Suzhou Zhuopu Fund Management, Hongfu Investment, CITIC Capital Investment
- Series C, Jul 5, 2023 — China International Capital Corporation, Boyu Capital, Youshan Capital
- Series B, Jul 14, 2022 — Jundu Capital, Beijing Paradigm Private Equity Fund Management, Hongfu Investment
- Series B, Feb 8, 2022 — CCB International, China International Capital Corporation, China Capital Management, Soochow Venture Investment, Jundu Capital, Titan Capital
- Series A, Dec 25, 2020, $15M — CAS Investment Management, Landstone Capital
- Series A, Sep 16, 2020 — ZJU Joint Innovation Investment
- Angel, Jul 1, 2019 — Eagles Fund, ZJU Joint Innovation Investment, Jiuyo Capital, Innoangel Fund
- Angel, Jun 4, 2019 — ZJU Joint Innovation Investment, Jiuyo Capital, Landstone Capital

## Investors

- ZJU Joint Innovation Investment (https://capitalatlas.ai/funds/zju-joint-innovation-investment) — Angel, Series A
- Jiuyo Capital (https://capitalatlas.ai/funds/jiuyo-capital) — Angel
- Landstone Capital (https://capitalatlas.ai/funds/landstone-capital) — Angel, Series A
- Eagles Fund (https://capitalatlas.ai/funds/eagles-fund) — Angel
- Innoangel Fund (https://capitalatlas.ai/funds/innoangel-fund) — Angel
- CAS Investment Management (https://capitalatlas.ai/funds/cas-investment-management) — Series A
- CCB International (https://capitalatlas.ai/funds/ccb-international) — Series B
- China International Capital Corporation (https://capitalatlas.ai/funds/china-international-capital-corporation) — Series B, Series C
- China Capital Management (https://capitalatlas.ai/funds/china-capital-management) — Series B, Series C
- Soochow Venture Investment (https://capitalatlas.ai/funds/soochow-venture-investment) — Series B
- Jundu Capital (https://capitalatlas.ai/funds/jundu-capital) — Series B, Series C
- Titan Capital — Series B
- Beijing Paradigm Private Equity Fund Management — Series B
- Hongfu Investment (https://capitalatlas.ai/funds/hongfu-investment) — Series B, Series C
- Boyu Capital (https://capitalatlas.ai/funds/boyu-capital) — Series C
- Youshan Capital (https://capitalatlas.ai/funds/youshan-capital) — Series C
- Haitong Leading Private Equity Fund Management (https://capitalatlas.ai/funds/haitong-leading-private-equity-fund-management) — Series C
- Beijing Capital Science and Technology Development Group Investment Management (https://capitalatlas.ai/funds/beijing-capital-science-and-technology-development-group-inv) — Series C
- Deyue Investment (https://capitalatlas.ai/funds/deyue-investment) — Series C
- Suzhou Zhuopu Fund Management — Series C
- CITIC Capital Investment — Series C
- Beyond Capital — Series C
- SDIC Taikang Trust — Series C
- Zhejiang Qianzhan Investment Management (https://capitalatlas.ai/funds/zhejiang-qianzhan-investment-management) — Series C
- Broad Vision Funds (https://capitalatlas.ai/funds/broad-vision-funds) — Series C
- Wuxi Industrial Development — Series C
- Guoyu Capital (https://capitalatlas.ai/funds/guoyu-capital) — Series C, Series D
- Hefei Ruicheng Venture Capital Management (https://capitalatlas.ai/funds/hefei-ruicheng-venture-capital-management) — Series C
- Zhongcai Tenghua Capital (https://capitalatlas.ai/funds/zhongcai-tenghua-capital) — Series C
- Hunan Hi-Tech Venture Capital (https://capitalatlas.ai/funds/hunan-hi-tech-venture-capital) — Series D
- China Orient Asset Management — Series D
- Bjtu Union Investment Management Group Co., Ltd — Series D
- Hunan Shengli Investment — Series D
- Bank Of China Financial Assets Investment — Series D
- Shenwan Investment Fund — Series D
- Guian New Area Kunpeng Fund — Series D
- Jigang Group — Series D
- Qingshui Comet — Series D