Geely-backed flying car startup Aerofugia raises undisclosed Series B funding

Aerofugia Technology, a subsidiary of Chinese automaker Geely, showcased a prototype flying vehicle at the BEYOND EXPO 2024 in Macao during May 22-25, 2024. Credit: BEYOND EXPO

Chinese flying taxi startup Aerofugia has raised “several hundred million RMB” (between $13.76 million and $137.5 million) in a new round of funding led by state-backed investment fund Orinno Capital, one year after closing Series A in excess of RMB 100 million last June. The Series B closed by the subsidiary of Chinese automaker Geely is the largest funding round of its kind in the country’s segment of electric vertical takeoff and landing (eVTOL) aircraft in two years, according to an announcement. Aerofugia said it will use the proceeds to push for the commercial operation of its AE200, a five-to-six seater tilt-rotor eVTOL aircraft with a range of 200 kilometers (124 miles). The company recently revealed plans to provide flying taxi pilot services to the public as early as 2026 in its headquarters city of Chengdu, capital city of China’s southwestern Sichuan province, as the Chinese government looks to establish what it calls a “low-altitude economy.” Orinno Capital is wholly owned by Chengdu High-Tech Investment Group Co., Ltd, a state-owned investment corporation, and the financing included previous backers Tsinghua Holdings Capital and CAS Star, a venture capital firm backed by Chinese Academy of Sciences, among others. [TechNode reporting, Aerofugia announcement, in Chinese]

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechNode – https://technode.com/2024/06/28/geely-backed-flying-car-startup-aerofugia-raises-undisclosed-series-b-funding/