SkyX Raises USD$4M from Kuang-Chi Group

SkyX, a Markham, Ontario, Canada-based aerospace group that has developed a self-charging drone for use in the monitoring of long-range assets like oil and gas pipelines, raised USD$4m of a planned USD$5m investment from Kuang-Chi Group.

Kuang-Chi, a Chinese technology group based in Shenzhen with a particular focus on investing in aerospace solutions, provided the funds via Kuang-Chi GCI Fund, its international innovation fund launched in 2016.

The company will use the funds to grow its markets and develop new products.

Led by Didi Horn, founder, SkyX will bring fully autonomous drones to service the oil and gas industry. The drones have been developed to inspect pipelines for damage and also provide clients with mapping and security surveillance.
The SkyOne model offers Vertical Take-Off and Landing (VTOL) capabilities, while providing a remote recharging feature, which means that, instead of returning to base, drones fly to a local xStation and recharge in a specially designed dome that also provides protection from any inclement weather.


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