Chinese private rocket firm iSpace sends a suborbital rocket into space from the Jiuquan Satellite Launch Center in Northwest China in September 2018. Photo: Courtesy of iSpace

Chinese private firm iSpace said it will complete its first orbital rocket launch in the first half of 2019.

iSpace, also known as Beijing Interstellar Glory Space Technology, said on Wednesday that it has secured its A plus financing round from investors led by domestic alternative investment fund manager CDH Investments, according to a statement emailed to the Global Times.

Cumulative funds raised total 700 million yuan ($102.1 million). It plans to complete its orbital mission with its SQX-1Z rocket at the Jiuquan Satellite Launch Center, Northwest China's Gansu Province.

The funds will be used on research and development of carrier rockets and liquid oxygen/methane rocket engines, as well as building an assembly and test facility.

New space start-ups OneSpace and iSpace both launched suborbital rockets from Jiuquan in September 2018, and iSpace became the first private aerospace company to complete a launch mission at a national launch center in the country.