Orienspace, a Chinese launch vehicle developer, has raised $59.9 million in a Series A fundraising round, which it plans to utilise for its first rocket launch and new engine development. According to a corporate press statement (Chinese) dated May 20, the fresh round was led by HikeCapital, followed by CMBC Int’l Holdings and others, including existing investors. The funds will be used to develop and test the “Gravity-1” medium-lift launch vehicle, with a test flight scheduled for mid-2023. Gravity-1 will be 31.4 meters long with a 4.2-meter-diameter fairing and a takeoff mass of 400 metric tons. It will use a…