HT Aero Raises US$500+ Million in Series A Financing
HT Aero (Huitian, or the Company), an urban air mobility (UAM) company and an affiliate of XPeng Inc., today announced that it has entered into a definitive agreement with a consortium of investors to raise over 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.
HT Aero Series A Financing (Photo: Business Wire)
The Series A financing from a consortium of high quality investors is a strong testament to the Company’s long-term vision, technology roadmap and its market-leading R&D capability as a prominent player in one of the most promising and disruptive technologies of future mobility. It will be the largest single-tranche fundraising to date in Asia’s low-altitude flying vehicle sector.
“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”, said Mr. He Xiaopeng, Chairman and CEO of XPeng Inc.
“HT Aero’s deeply roots in proven technology and sophisticated R&D capabilities will help it jumpstart the industrialization of flying cars,” said Mr. Guangfu Cui, Partner of IDG Capital. “We believe that the flying vehicle sector will be a trillion-dollar market. The rapid technological evolution of batteries, autonomous driving and materials science provide the synergies needed to create a new paradigm for flying cars.”