China-based unmanned aerial vehicle manufacturer XAG has closed a RMB1.2bn ($182m) funding round co-led by internet group Baidu and telecommunications and internet group SoftBank’s Vision Fund 2, 36Kr reported today.
Yuexiu Industrial Fund, Guangzhou Xinxin Capital, Chengwei Capital and Sinovation Ventures also took part in the round, while Baidu invested through growth capital unit Baidu Capital. China Renaissance advised XAG on the round.
Also known as Jifei Technology, XAG was founded in 2007 and began focusing on the agricultural industry six years later. It produces drones that monitor crop conditions and has also created a smart farm management platform that analyses aerial images to help optimise farming.
The funding has been earmarked for research and development in addition to strengthening XAG’s manufacturing and supply chain capabilities and bolstering a smart agriculture technology sector in China that is progressing toward unmanned farms.
Chengwei Capital had previously supplied $5m in funding for the company before adding $20m the following year, according to DealStreetAsia.
IT product maker Topsec, Ants Capital and Centerlab Investment Holding subsequently provided an undisclosed amount of series C financing in January 2019, Itjuzi has reported.
