China-based manned tilt-rotor eVTOL manufacturer TCab Technology has completed an exclusive strategic financing of $20 million in Series A from overseas investment institutions who plan to create air taxi applications in the Middle East. This financing will be used to accelerate product development and airworthiness certification processes.

As the first technology company in China to develop a manned tilt-rotor eVTOL, despite the lack of tilt-rotor technology in the country, the company worked hard to overcome many engineering problems and steadily advanced scale-down machines, frame machines and prototypes. Its E20 eVTOL has entered the tilt test flight stage.

On top of the hundreds of intended orders from multiple domestic operators, TCab has established ties with the Middle East, southeast Asia and other Belt and Road regions.

Chen Weiguang, managing partner of Lanchi Venture Capital, says: "Lanchi Venture Capital continues to have firm confidence in the long-term growth trend of the eVTOL industry and expects that with the national low-altitude airspace management reform and policy support, the eVTOL industry will usher in significant growth. Although tilt-rotor technology has many engineering challenges, its broad application prospects in the field of urban air transportation are crucial to building an efficient and sustainable urban transportation ecosystem. TCab Technology has been deeply engaged in this technical field and has established a leading position in the domestic market, demonstrating significant technological progress and market expansion capabilities.

"As an angel investment institution of TCab Technology, Lanchi Venture Capital not only recognises the team's rich experience and commercialisation capabilities in the eVTOL industry, but also assists the company in actively expanding overseas markets and providing financial support to accelerate the growth of its global capabilities. We look forward to TCab's technology continuing to consolidate its industry advantages, becoming a leader in the global eVTOL industry through technological innovation and global market expansion, and promoting the global commercialisation process of electric flight technology."

eVTOLs will occupy a core position in China's low-altitude economic industry, following the path of the electric vehicle industry and becoming an important economic growth engine in the future.