HT Aero (Huitian), an urban air mobility (UAM) company and an affiliate of XPeng (earlier post), entered into a definitive agreement with a consortium of investors to raise more than US$500 million for its Series A capital funding. The funding round is 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 Series A financing will be the largest single-tranche fundraising to date in Asia’s low-altitude flying vehicle sector.
Unlike many eVTOL (electric vertical take-off and landing) companies, which target services for the business sector, HT Aero is focused on developing three-dimensional, smart and sustainable urban air mobility (UAM) solutions for individual consumers.
HT Aero is one of the earliest pioneers in the flying vehicle sector, and is one of the few private enterprises in China’s aviation sector with a proven track record of safe flights. Since its foundation in 2013, it has developed five generations of intelligent electric-powered manned flying vehicles.
As Asia’s largest flying vehicle startup, HT Aero 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.
More than 80% of its professional expertise is focused on R&D. Headquartered in Guangzhou, the company 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.
Established in 2013, HT Aero has accumulated 15,000 safe manned flights. The company is a constitutor of China’s new flying vehicle standards and has won multiple industrial design awards including Red Dot Awards, IF Award, IDEA Design Award.