TCab Tech announced the completion of the Pre-A financing of 100 million yuan. This financing round is led by Grand Flight, followed by Kunlun Capital, KIP Capital and the existing shareholders BlueRun Ventures and Decent Capital. The Pre-A financing round provides sufficient capital for the development, manufacturing and flight testing of the full-scale E20 eVTOL prototype.
“TCab Tech is in the stage of increasing our competitive advantages in the eVTOL development.” Said Founder & CEO of TCab Tech Yon Wui NG. “Our team will continue to expedite the commercialization of E20 eVTOL with a pragmatic attitude, focus on creating aircraft of high commercial value, and facilitate the advancement of Urban Air Mobility in China and APAC region."
TCab Tech is an eVTOL aircraft company dedicated in developing a vectored-thrust eVTOL aircraft called E20. ‘TCab’ metaphors ‘Time Taxi’, it carries the mission to offer affordable and time-efficient aerial-ridesharing services to the general public.
About Series Pre-A Investment Institutions
Grand Flight is an independent industrial investment fund mainly initiated by Far East Horizon (HK.03360). At present, the management scale of Grand Flight exceeds 5 billion RMB. It led the investment of a number of high-quality enterprises in China's emerging industries such as Tuhu, MISSFRESH, WM Motor, Peijia Medical, CF Pharmtech, OrigiMed, Lumi Tech, Gaussian Robotics, AECS, bochewang…etc.
Kunlun Capital was founded in 2015. Kunlun Capital focuses on the investment of scientific and technological innovation enterprises. In recent years, Kunlun Capital has successively invested in Inkeverse (HK:03700), DADA (NASDAQ:DADA), Dreame, IAM, PonyTron, Koya Medical, EDIGENE, Cytek (NASDAQ:CTKB), PingCAP, obiosh (SH:688238), halomicro (SH:688173), 8hsleep(SZ:301336), Zbit semi(SH:688416), SVOLT Energy, Xinghuan Juneng, zoolnasm, leyantech, soonsolid…etc.
KIP (Korea Investment Partners) As an affiliate of Korea Investment Holdings, which is one of the top financial conglomerates in Korea, Korea Investment Partners (KIP) is a leading venture capital and private equity with ample investment experience. For more than 30 years since 1986, KIP has shown steady and unprecedented investment performances in various industries. From early stage ventures to growth stage companies, KIP’s investments deliver a unified goal to create more values by forging strong relationships integral to building business across different industries.
Decent Capital is founded in 2007 by Mr. Zeng Liqing, the co-founder of Tencent Holdings Ltd. Decent Capital is a leading angel investment institution, dedicated in internet-related consumption and high-tech fields.
BlueRun Ventures was founded in Silicon Valley in the United States in 1998. BlueRun Ventures China, established in 2005, focuses on early-stage venture capital investments. BlueRun have invested in over 150 early-stage startup companies, covering innovative technology and interface, enterprise services, emerging consumer trends, healthcare services…etc.