China: eVTOL Startup “Raises USD29 Million in New Financing Round”

Chi­nese eVTOL com­pa­ny, Ver­taxi, has raised USD29 mil­lion in a new financ­ing round bring­ing the total amassed to over USD57 mil­lion, reports a press release.

Its air­craft called The Matrix 1 (M1), is a five-pas­sen­ger fly­ing taxi to be used for trans­port car­go at first and then lat­er pas­sen­gers. It has 20 rotors, 16 of which are employed for lift, along­side a range of 150 miles. Ver­taxi claims the M1 could trans­form a three-hour dri­ve to a 30-minute jour­ney.

The Matrix 1 took its maid­en flight in Shang­hai in Octo­ber 2023 and was then intro­duced to the pub­lic one month lat­er. The com­pa­ny hopes to receive its manned air­wor­thi­ness cer­tifi­cate from the CAAC no lat­er than 2027.

The pre-series B Fund­ing Round was led by Zhong­shan Ven­ture Cap­i­tal and includ­ed par­tic­i­pa­tion by Shang­hai Jin­shan Dis­trict and Bin­fu Cap­i­tal, AVIC Fund, Yijing Cap­i­tal and Baod­ing Ven­ture Cap­i­tal.

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The new financ­ing will be used to pro­mote eVTOL prod­uct R&D, test­ing, air­wor­thi­ness cer­ti­fi­ca­tion and con­struc­tion, and lat­er to be deployed to man­u­fac­tur­ing cen­tres in the Guang­dong-Hong Kong-Macao Greater Bay Area and the Yangtze Riv­er Delta region around Hangzhou, both with a high-den­si­ty pop­u­la­tion. The com­pa­ny then plans future expan­sion through­out Chi­na and oth­er coun­tries.

Watch Video: China’s Ver­taxi eVTOL on Dis­play at Shanghai’s 6th Chi­na Inter­na­tion­al Import Expo

For upcom­ing sales, Ver­taxi says Long­hao Avi­a­tion Indus­try Invest­ment Co. intends to pur­chase up to 15 M1s and 5 hybrid mod­els as well as main­te­nance, sup­port equip­ment and train­ing ser­vices, at a total val­ue of USD28 mil­lion. These air­craft would be used for freight logis­tics in Chi­na’s cen­tral and west­ern regions, the Guang­dong-Hong Kong-Macao Greater Bay Area and coastal islands.

For more infor­ma­tion 

https://www.vertaxi.com

(Images: Ver­taxi)

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