Ehang, a civil Unmanned Aerial Vehicle (UAV) company, raised $42m in series B financing.
The round was led by GP Capital, with participation from GGV Capital, ZhenFund, Lebox Capital, OFC and PreAngel.
The company intends to use the funds for product and business development, accelerate talent recruitment, and build a UAV ecosystem based on its smart app-controlled experience.
Founded in 2014 by Huazhi Hu, CEO, Ehang creates aerial systems for recreational and commercial usages with users from more than 70 countries.
The company, which is based in San Francisco Bay Area, Guangzhou, Beijing and Shanghai in China, plans to launch its next-generation product later this year.
It is also announcing the appointment of four senior executives including:
– Shang-Wen Hsiao, the former President and CFO of 21Vianet, as CFO and co-founder,
– Wei Qi, the former Vice President of Lenovo Group, as Senior Vice President of Operations and co-founder,
– Yijun Wang, the former Sales Director of Corporate and Channel Department of Microsoft China, as Vice President of Sales and
– Richard Liu, the former Vice President of Finance of 21Vianet, as Vice President of Finance.