US-based unmanned aerial vehicle (UAV) company Ehang received $42m in series B funding yesterday led by GP Capital, an investment vehicle of financial services provider Shanghai International Group (SIG).
SIG was joined by GGV Capital, ZhenFund, Lebox Capital, OFC and PreAngel.
Founded in 2014, Ehang manufactures drones for the civil sector, targeting both consumer and commercial use. Users are able to control their UAVs through a smartphone app.
The series B round will support product development, hire more staff and build out an ecosystem around the smartphone app. The company also plans on entering markets such as agriculture, disaster relief and logistics.
In December 2014, Ehang closed a $10m series A round led by GGV Capital. PreAngel, ZhenFund and Lebox also contributed to that round.
ZhenFund has revealed it provided angel funding alongside Lebox last year, but no further details have been disclosed. Ehang secured $850,000 in a crowdfunding campaign in January 2015.
– Image courtesy of Ehang