HT Aero, an urban air mobility (UAM) company backed by XPeng Inc., has raised over US$500 million for its Series A capital funding. It will be the largest single-tranche fundraising to date in Asia’s low-altitude flying vehicle sector.
The funding round is led by IDG Capital, 5Y Capital and XPeng Inc. with participation by a consortium of investors, including Sequoia China.
The company says the Series A financing backs the company’s long-term vision, technology roadmap and R&D capability as a ‘prominent player in one of the most promising and disruptive technologies of future mobility’.
Unlike many eVTOL (electric vertical take-off and landing) companies, which target services for the business sector, HT Aero is focused on developing UAM solutions for individual consumers.
Since its foundation in 2013, it has developed five generations of intelligent electric-powered manned flying vehicles.
Mr. He Xiaopeng, Chairman and CEO of XPeng Inc., says: “Our mission has always been to explore efficient, safer, and carbon-neutral mobility solutions that go beyond smart EVs. What we are seeing is the integration of the three driving forces of smart mobility – disruptive technology, new sources of energy, and mass production. We will embrace this opportunity, which is unprecedented in the history of modern transportation. The investment in HT Aero will further accelerate the build-up of our ecosystem to integrate driving and flying.”
“The Series A financing will provide us with sufficient resources to advance our research and development, acquire top-tier talent, and to continue to gain airworthiness provision and certification,” adds Mr. Deli Zhao, Founder and President of HT Aero. “Our next-generation model will be a fully integrated flying vehicle and automobile, designed for both low-altitude air travel and road driving. We are planning for an official roll-out in 2024.”
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.