China-headquartered innovation firm Kuang-Chi Group made its first UK-based corporate venturing investment on Monday, providing $30m in funding for advanced aerospace technology developer Gilo Industries.
Gilo is developing innovative products and services for defence, commercial and recreational aviation. Its subsidiaries include paramotor builder Parajet, aviation technology-equipped all-terrain buggy producer SkyQuad, racing bike creator Crighton Racing and rotary engine developer Rotron.
Gilo is the sixth company to be backed by Kuang-Chi’s GCI Fund, which it formed in 2016 and expects to close at $300m. The funding will be used to grow Gilo’s business in the Asia-Pacific region and help it form relationships with partners across a range of industries.
Ruopeng Liu, Kuang-Chi’s chairman, said: “This is only the start of Kuang-Chi’s UK investment plans. Despite some fears surrounding Brexit, innovation is booming in the UK and Kuang-Chi has confidence in the UK market, which has a long history and a good reputation for innovation that will not fade away easily.
“Investing in British startups and technology companies in the growth stage is a key part of our long term strategic plan to invest in the most exciting, disruptive and innovative technologies around the world.”