China-based eVTOL developer Shanghai TCab Technology has completed a $14.8 million (100 million RMB) Pre-A round of financing led by Yuanyi Investment, Kunlun Capital, KIP Capital and existing shareholders LanRun Ventures and Kuehne & Schneider. This will provide sufficient funds for the R&D, manufacturing and testing of TCab's E20 tilt-configured eVTOL prototype. The company will continue to increase investment in R&D, dig deep into its 'moat' and comprehensively build an air traffic ecosystem centred on tilting eVTOLs .
Founder and CEO Huang Yongwei says: "TCab Technology is still in the accumulation and R&D stage, and the team will continue to uphold its truth-seeking and pragmatic attitude, focus on the commercialisation of manned eVTOLs and focus on creating air travel with high commercial value. This will help the development of China's comprehensive three-dimensional transportation."
As an eVTOL OEM, the company has always adhered to the concept that 'market demand is the only criterion for defining products'. On the basis of its high reliability, low cost and to meet the requirements of commercialisation, the company's tilt-rotor configured E20 eVTOL will be part of a green and sustainable digital transportation ecosystem providing safe and convenient air travel services for society. As of the end of January 2023, TCab has successfully completed the ground test, wind tunnel test and tilt transition flight test of the 25 per cent and 50 per cent scaled verification aircraft. The prototypes have been validated and iterated, the designs are complete and manufacturing is underway.
Pei Yun, a partner at lead investor Yuanyi Investment, says: "With the advancement of battery and electric drive technology, we see that eVTOLs are expected to achieve higher safety with a relatively low cost of operation and maintenance, and a simpler mechanical structure, as well as level, quieter and more environmentally friendly flight. With the gradual development of future transportation, eVTOLs will be the enablers to open up huge low-altitude resources and the UAM market, and will also be the cornerstone of the era of unmanned vehicles. Although the release of low-altitude resources and the formation of the UAM market will progress differently in different countries, more advanced means of transportation are always the direction for countries to follow and catch up with each other. China is active in developing new energy vehicles, continues to study autonomous driving and follows large aircraft manufacturing as the best example.
"Back to the industry itself, although there are eVTOL listed companies in the United States, Europe and even South America, whether it is called a flying car or an electric aircraft, this is essentially a serious aviation industry and the entire sector is still in its early stages. Therefore we have also made a long term commitment to the current team, to configuration selection, prototype development progress and supply chain partners. I am very happy to finally be able to walk together with TCab Tech and use Far East Horizon's huge financial and industrial resources to contribute to China's own eVTOL cause. We also believe that this industry will soon gather more and more excellent participants, so that China's eVTOL can enter the world stage as soon as possible."
A spokesperson from Kunlun Capital says: "The new energy industry and electrification applications are our key investment directions. The development of three electric technologies in recent years has promoted the rapid development and implementation of eVTOLs, which will bring consumers safer, more economical and more environmentally friendly products. The excellent flying experience also makes low-altitude urban flying possible in the future. The tilt-rotor configuration route chosen by TCab Tech can optimise the range, load and speed. Steady progress has been made in the exploration of model test flights, supplier selection and commercialisation at home and abroad. Today, with the development of domestically produced large aircraft, we are optimistic that Hershey technology will represent domestically produced eVTOLs and will be on the world stage in the future.”
Kip Capital executive director Lin Yong adds: " The electrification and intelligence of air vehicles will be realised in the low-altitude airspace first. Aviation certification and government-enterprise cooperation are strong in China, and we look forward to the early launch of products that will bring more convenience and brand new experiences to people's travel."