Chengwei invests $20m in Chinese drone manufacturer
Chengwei Capital Partners has invested $20 million in a Series A round of funding for XAircraft Aerial Solutions, a Chinese multi-rotor and drone maker.
The proceeds will be used to develop the company's unmanned aerial vehicle (UAV) technology, expand its supply chain and for market promotion, the company told local media.
Guangzhou-based XAircraft was founded by former Microsoft executive Bin Peng in 2007. The company produces multi-rotor equipment for various types of applications, including model aircraft for amateurs. It also provides flight training courses.
XAircraft now has R&D centers in Australia and China, with China also serving as a manufacturing base.
Based in Shanghai, Chengwei focuses on communications software, niche component manufacturing, healthcare and media.
In June, the VC firm teamed up with GGV Capital to lead a $20 million Series B round of funding for Light Chaser Animation Partners, a Chinese animation production firm founded by Gary Wang, who is also a founder of online video company Tudou.com.
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