Chinese private space launch company Landspace Technology said on Tuesday it has completed a B+ round financing worth 300 million yuan (US$43.19 million), Yicai.com reported.

The company said the funds raised will be mainly used for the research and development of its main products — the oxygen/methane “Tianque” engine (TQ-12), and the medium-sized “Zhuque 2” carrier rocket (ZQ-2), and its supporting infrastructure.

As of the end of September 2018, the total financing amount of Landspace has exceeded 800 million yuan.

Landspace is a leading startup that has developed rapidly in China’s private space sector in recent years. Its self-developed liquid-fuel launch vehicle uses technology similar to Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin.