Civil unmanned aerial vehicle (UAV) company EHANG says it has raised $42 million in Series B financing and has appointed four senior executives.
The financing was led by GP Capital, with participation from GGV Capital, ZhenFund, Lebox Capital, OFC and PreAngel. The company says its valuation is now 100 times higher than it was 16 months ago, when it was first established.
Late last year, EHANG first launched a crowdfunding campaign for its Ghost Drone and surpassed its $100,000 goal in 24 hours. The company recently partnered with radio-control product retailer Hobbico Inc. to bring the aircraft to drone specialty stories in the U.S.
The company has named the following to executive roles: Shang-Wen Hsiao, former president and chief financial officer (CFO) of 21Vianet, joins EHANG as CFO and co-founder; Wei Qi, former vice president of Lenovo Group, takes the role of senior vice president of operations and co-founder; Yijun Wang, former sales director of corporate and channel department of Microsoft China, assumes the office of EHANG’s vice president of sales; and Richard Liu, former vice president of finance for 21Vianet, will serve as EHANG's vice president of finance.
The company raised $10 million in Series A funding late last year. The funds from this Series B financing will be used to further facilitate the product and business development in the global consumer and commercial UAV market, accelerate talent recruitment, and build a UAV ecosystem based on the smart app-controlled experience to map the future of the intelligent aerial mobile platform, the company explains.
The next stage of development, according to EHANG, will see the company continue to advocate user friendliness and smarter control, as well as bring the technology further into commercial use, including for agriculture and forestry, geographic mapping, disaster relief, and express logistics.
EHANG plans to launch its next-generation product later this year. The company, based in China and the San Francisco Bay area, is also a member of the Small UAV Coalition.
‘We are bullish about the prospects and growth of UAV development globally and are very pleased to see EHANG gain the support of more industry and financial partners as they continue to bring more exciting, innovative and industry-leading products to consumers,” states Jenny Lee, managing partner of investor GGV Capital, which led EHANG’s Series A funding last year.