China's Yanhe raises 500M yuan Series A, a top-5% space deal
What's the deal? Yanhe Technology, a Chinese perovskite solar startup, has raised a total of over 500 million yuan (roughly $74 million) in its Series A funding, the company confirmed. Founded in 2024, it makes perovskite cells for consumer electronics while targeting a longer-term goal of space-based energy.
Who's backing it? The latest tranches drew TCLDealroom has a profile for this one. Try Dealroom →-affiliated Zhonghuan Haihe Fund, Yuanhang Capital, and Yuekai Capital, alongside state-linked Shanghai Sci-Tech Innovation Fund and financial investors including Delian CapitalDealroom has a profile for this one. Try Dealroom → and Bojiang Capital. Existing backers Shunwei Capital, Caixin Capital, Xingxiang CapitalDealroom has a profile for this one. Try Dealroom →, and Lenovo CapitalDealroom has a profile for this one. Try Dealroom → all added to their positions.
Why now? The company has closed six rounds in a single year, including back-to-back A2+, A3, and A4 tranches just three months after its previous announcement. Momentum built after Yanhe won its first consumer order in late 2024 — a few thousand units that quickly scaled to tens of thousands.
By the numbers: Yanhe now runs a 100MW-scale fully automated production line, ships across more than 50 countries, and serves over 100 brands including LenovoDealroom has a profile for this one. Try Dealroom →, SamsungDealroom has a profile for this one. Try Dealroom →, HaierDealroom has a profile for this one. Try Dealroom →, and Xiaomi's ecosystem. Its product range spans keyboards, smart locks, and sensors, making the consumer business a self-funding revenue base.
Who's behind it? Founder Feng Fan, born in 1997, studied at Peking University and Columbia University before working at CITIC SecuritiesDealroom has a profile for this one. Try Dealroom → and DP Technology. He co-founded Yanhe with fellow Peking University alumnus Peng Zongyang, a polymer chemistry doctoral graduate.
What's the endgame? Perovskite cells generate power in low indoor light and can be made thin and flexible, opening passive-power markets in IoT and wearables. Yanhe aims to extend that capability into space, supplying lightweight solar for satellites and lunar equipment — effectively building a power grid off-Earth.
What could go wrong? Investors initially balked at the founders' youth and the unproven manufacturing. Space hardware also faces steep demands: materials must survive extreme temperatures, thermal vacuum, and intense radiation, and the in-orbit power business remains at a validation stage.
The signal: Yanhe's raise ranks in the top 5% of Series A rounds for space companies in China over the trailing 48 months, across a sample of 62 deals. As reusable rockets cut launch costs and low-orbit constellations expand, demand for lightweight, high-power energy systems is rising — and China is looking to turn a decade of solar manufacturing into an orbital advantage.
Image credit: NASA Goddard Photo and Video
