Text | Liu Jingqiong

Editor | A Zhi

Cover Source | Provided by the enterprise

36Kr learned that Beijing Tianxing Exploration Technology Co., Ltd. (hereinafter referred to as “Tianxing Exploration”), a service provider for space-based information fusion applications, recently announced the completion of a multi-million-yuan angel round of financing. This round was exclusively invested by Lushi Investment, and the funds raised will be used for core technology R & D and the establishment of the R & D team.

Tianxing Exploration was established in April 2025 and focuses on the R & D and operation of satellite Internet fusion information platforms and the R & D and manufacturing of satellite communication terminals. It provides satellite “communication, navigation, and sensing” functional services and data value-added services for consumer-level customers in industries such as automotive and marine. The founding team members have all worked in leading aerospace central enterprises and satellite Internet companies, participated in major aerospace projects such as Beidou, Gaofen, and satellite Internet, and have nearly 20 years of experience in satellite terminal development and market application. The core team has a composite background in communication, automotive, and marine industries and has rich experience in satellite communication and consumer-grade industrial product engineering.

According to the founder, Tianxing Exploration is accelerating the R & D of software and hardware products. At present, the design of the fusion information service platform APP, satellite narrowband terminals, and broadband terminals has been completed, and they are gradually entering the testing and production stages. Around September, Tianxing Exploration will officially release the 1.0 versions of these three products.

Satellite Internet terminal products

Focus on off-road and sea fishing scenarios, and create highly specialized satellite terminals and service platforms

In April 2020, the National Development and Reform Commission clearly included satellite Internet in the scope of the country’s “new infrastructure”, on par with technologies such as 5G and the Internet of Things. As the ultimate carrier for the implementation of satellite Internet services, terminal devices undertake the function of connecting users to the satellite network and account for about 40% of the total investment in the entire satellite Internet system. With favorable policies, combined with the high value proportion of its industrial chain and the rapid growth of the market scale, a large number of startups have begun to accelerate the layout of satellite Internet ground terminal products. As terminals develop towards the direction of “low cost, miniaturization, and intelligence”, more and more terminals are being expanded and applied to industry scenarios such as transportation, marine, and energy.

When formulating the target market segments, the founding team considered three points: “First, the scale of this field is large enough; second, the rigid demand for satellite communication or satellite applications in this field is strong enough; third, the users in this field have sufficient payment ability.” After extensive research, Tianxing Exploration targeted C – end scenarios with strong traction and provides highly specialized satellite terminal hardware products for them.

The founding team believes that there are mainly two differences between Tianxing Exploration and other satellite terminal manufacturers. First, Tianxing Exploration’s terminal products will have more customized design elements for special scenarios. “We have recruited many engineers who have worked on consumer or industrial product terminals, and they will participate in product R & D together with aerospace engineers.”

Second, the terminal is just a means to cultivate users’ usage habits. Providing users with fusion information services with satellite communication, navigation, and sensing functions and data value-added services such as ubiquitous perception and situation analysis is the core of the company’s business.

The company’s founder mentioned that Tianxing Exploration does not benchmark traditional satellite communication companies. The company is currently doing something more like the “Xiaomi” in the satellite Internet industry. In the early stage, it uses integrated innovation and business model innovation to form a first – mover advantage. At the same time, it accumulates original fans through the software platform and guides them to continuously participate in the subsequent iteration of the software. The user volume and data accumulated in this process are the most important assets of the company.

The terminal hardware sales have a cost advantage, and the overseas branch is about to start operation

In terms of commercialization, Tianxing Exploration’s early revenue will mainly come from the sales of terminal hardware. In the view of the company’s management, Tianxing Exploration currently has a relative cost advantage in terminal hardware. “First, we do not build our own factories to avoid heavy – asset investment; second, all products strictly follow the automotive – grade manufacturing standards; third, the target market has significant economies of scale. Coupled with our supply – chain control ability, we can keep the comprehensive cost to a minimum.”

In the long run, software platform services and data value – added services will become Tianxing Exploration’s largest source of revenue. Regarding the profit model planning, the Tianxing Exploration team said, “The software platform will offer some basic services for free. If users need higher – precision or larger – scale data, they need to pay. After a certain number of users are accumulated, the behavioral data formed can be re – developed and utilized, which can also generate revenue.”

In addition, Tianxing Exploration has currently established a branch in a Central Asian country and is about to start operation. After the domestic headquarters releases the terminal products and software platform in September, the Central Asian branch will also follow up simultaneously. In addition to promoting its own products, this branch will also help more ecological partners promote and sell their products in the future.

Views of the investor:

Wu Hao, Managing Director of Lushi Investment: The construction of China’s satellite Internet is accelerating, and large – scale application is about to explode. The urgent demand for multi – source fusion data services in industries such as transportation and marine has given rise to a blue – ocean market worth hundreds of billions of yuan. We are very optimistic about the top – notch technical strength and leading product layout of the Tianxing Exploration team. The company’s founder and core team are from major domestic research institutions, with nearly 20 years of experience in system development, technology productization, and cross – industry engineering. They have full – stack technology covering hardware, software, protocol stacks, and data applications. With satellite terminals featuring “aerospace – grade technology + consumer – grade products” as the entry point, they have built a software platform and data service system integrating communication, navigation, and sensing. We believe that the “terminal – platform – data” three – level business model built by Tianxing Exploration can significantly reduce the access cost of satellite Internet users, provide users with fusion information services and data value – added services such as ubiquitous perception and situation analysis, and is expected to be the first to achieve a commercial closed – loop for satellite Internet applications. We are very much looking forward to accompanying the company’s growth and welcoming the explosive moment when China’s satellite Internet truly enters the consumer application market.