Start-up Shanghai Volant Aviation Technology has raised CNY100 million ($13.75m) in Series A funding from Beijing-based venture capital firm Legend Capital.
Volant Aviation said it would accelerate its development, production and testing of three models of eVTOL aircraft.
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The three models are in different stages of being introduced to the Chinese market. The Shanghai firm said the money would go towards:
“Test flight and testing of the VE25 verification aircraft, the research and development and manufacturing of the product aircraft AC101, promot[ing] the airworthiness certification of the VE25-100.”
Legend is a financial service provider that offers early-stage venture capital and expansion-stage growth capital investment services, according to GlobalData. It invests in healthcare, telecommunications, consumer goods, information and technology companies.
Its previous capital investments include Galaxy Space, the Chinese response to Elon Musk-owned SpaceX in the US.
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