HT Aero, a Guangzhou, China-based urban air mobility (UAM) company and an affiliate of XPeng Inc., raised over US$500m in Series A funding.
The round was led by IDG Capital, 5Y Capital and XPeng Inc. with participation by a consortium of renowned investors, including Sequoia China, Eastern Bell Capital, GGV Capital, GL Ventures and Yunfeng Capital.
The company intends to use the funds to advance its technology roadmap and its R&D capability.
Led by Mr. Deli Zhao, Founder and President, HT Aero is focused on developing three-dimensional, smart and sustainable urban air mobility (UAM) solutions for individual consumers. Since its foundation in 2013, it has developed five generations of intelligent electric-powered manned flying vehicles.
The company has a team of 500 professionals from multiple disciplines, including industrial design, structural mechanics, embedded systems, aerodynamic simulation, integrated avionics, manned flight test, flight control, autonomous driving, airworthiness and safety. Over 80% of its professional expertise is focused on R&D. Headquartered in Guangzhou, HT Aero has R&D centers and laboratories located in Beijing, Shenzhen, Shanghai, Silicon Valley, and R&D flight tests and compliance verification flights are conducted in Panyu, Guangzhou.