Corporates CR Group, Cofco and Country Garden have helped provide tens of millions of dollars in series A funding for China-based drone delivery technology provider Phoenix Wings, DealStreetAsia reported on Friday.
An unnamed strategic investor led the round, which was also backed by Everest Venture Capital and Tianqi Capital, while Taihecap facilitated the transaction.
Agribusiness Cofco, conglomerate CR Group and real estate developer Country Garden participated through Cofco Capital, CR Capital and Country Garden Venture Capital respectively.
Formed in 2018 as a subsidiary of logistics firm SF Express, Phoenix Wings has developed unmanned aerial vehicles for use in deliveries to urban centres as well as mountainous areas not easily accessible by land-based transport.
Phoenix Wings, which also has a base in Germany, will channel the series A funds into geographical growth in addition to technology development. SF Express remains its majority shareholder.
Photo courtesy of Phoenix Wings GmbH.
