Grand Flight leads $15m round for China urban air mobility player
Shanghai-based TCab Tech has raised CNY 100m (USD 14.7m) in a pre-Series A round led by Grand Flight, an industrial investment fund mainly initiated by Far East Horizon.
Other new investors include Kunlun Capital and Korea-based KIP Capital, while the likes of BlueRun Ventures and Decent Capital re-upped.
Founded by a group of engineers in 2021, TCab Tech takes its name from an abbreviated term for “time taxi” and aims to bring urban air mobility (UAM) to reality. UAM involves the use of small, highly automated aircraft to carry passengers or cargo at lower altitudes in urban areas as a response to traffic congestion.
The new capital will support development and flight tests for the prototype aircraft E20. The company is also eyeing commercialisation through a transport-as-a-service model.
In recent years, several Chinese start-ups have sought to introduce air travel as an option for daily commuters. Among the more advanced players in the space is HT Aero, an affiliate of electric vehicle manufacturer Xpeng. It raised a Series A of more than USD 500m in 2021 led by IDG Capital, 5Y Capital and XPeng.
Now 10 years old, HT Aero has accumulated 15,000 safe manned flights. Last October, the company debuted its Xpeng X2 electric flying car, a two-seater aircraft that generates zero carbon emissions.
North America and Europe are the most advanced UAM markets, boasting the likes of Uber Elevate, Uber Air, and Lilium.
Japan-based SkyDrive, which claims to have created the world’s smallest electric vertical take-off and landing (eVTOL) vehicle, is arguably the only Asian player to see significant traction. It raised a JPY 9.6bn (USD 67m) Series C last September.
SkyDrive is developing flying cars and cargo drones. However, its flagship project is a two-seater vehicle planned to provide an air taxi service in the Osaka Bay area at the time of the Osaka Expo in 2025. The first manned flight was achieved in 2019.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.