TLDR:
Chinese eVTOL developer Shanghai Volant Aviation Technology has secured $13m in Series A funding from Legend Capital to accelerate the development, production, and testing of three models of eVTOL aircraft.
- Shanghai Volant Aviation Technology secures $13m in Series A funding from Legend Capital
- The funding will be used to accelerate the development, production, and testing of three models of eVTOL aircraft
Full Article:
Shanghai Volant Aviation Technology, a Chinese start-up, has raised $13.75m in Series A funding from Legend Capital to expedite the development, production, and testing of three models of electric vertical take-off and landing (eVTOL) aircraft. The three models are at various stages of introduction to the Chinese market.
The financing will be allocated towards the test flights and testing of the VE25 verification aircraft, the research and development and manufacturing of the product aircraft AC101, and promoting the airworthiness certification of the VE25-100. Legend Capital, known for providing early-stage venture capital and expansion-stage growth capital, has previously invested in various sectors including healthcare, telecommunications, consumer goods, information technology, and more.
Legend Capital’s previous investments include Galaxy Space, which is considered the Chinese counterpart to Elon Musk’s SpaceX in the US. This latest funding round highlights the growing interest and investment in the eVTOL sector in China.
This investment is expected to propel Shanghai Volant Aviation Technology towards achieving its goals in the development and deployment of eVTOL aircraft, ultimately contributing towards the advancement of the urban air mobility industry.
