Volant raises some US$14m from Series A funding round to fuel eVTOL ascent
- This signals a possible move by Volant to either manufacture the aircraft in Zigong or experiment with commercialization there.
Volant (沃兰特航空), a domestic eVTOL startup, has announced the close of a Series A round of financing for more than 100 million yuan (US$13.89 million), Chinese tech media outlet 36Kr reported today.
The round was led by CDH Investments and Zigong Entrepreneurial Development Fund, a local state-run equity financier in southwestern Sichuan Province.
Existing shareholders Qingsong Fund and Glacier Capital also took part in the transaction.
Proceeds from this raise will be spent on the development, test and airworthiness certification of its flagship eVTOL aircraft model.
Additionally, the funds will go to construction of a branch of Shanghai-headquartered Volant in Zigong, a city in Sichuan, as well as exploration of application scenarios.
This signals a possible move by Volant to either manufacture the aircraft in Zigong or experiment with commercialization there.
Solution to urban mobility woes
Volant, founded in June 2021, is one of a dozen or so startups specializing in the design and production of eVTOL aircraft as a new solution to China’s urban mobility woes.
The first model from Volant, VE25, adopts a compound-wing configuration. With a maximum take-off mass (MTOM) of 2.5 tons, it can carry six passengers, including a pilot.
The startup has been progressing fast in the technological innovation of VE25. Its full-scale proof-of-concept rolled off the assembly line in August 2022.
In January 2023, VE25 took the first of a series of test flights, followed by a full transition flight eight months later.
In October of the same year, Volant rose through the ranks by becoming the first eVTOL company in eastern China to have its airworthiness application accepted for review by civil aviation authorities.
Off to a flying start
China’s eVTOL space was off to a flying start this year, abundant with vigor and milestones.
Just last week, AutoFlight (峰飞航空), another eVTOL firm based in Shanghai, made history with what it said is the world’s first cross-sea, intercity public demonstration flight.
In about 20 minutes, an eVTOL aircraft flew from Shenzhen to Zhuhai, two adjacent cities in southern China’s Guangdong, over a journey of 50km.
By contrast, it would have taken cars up to nine times as long to travel between the cities.
