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PRESS RELEASE
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TCab Technology completes RMB 100 million Pre-A round of financing
Wednesday, 8 February 2023

Shanghai TCab Technology Co., Ltd. announced the completion of 100 million RMB Pre-A round of financing. This round of financing was led by Yuanyi Investment, Kunlun Capital, KIP Capital , and old shareholders LanRun Ventures and Kuehne & Schneider followed suit.

This round of financing provides sufficient funds for the R&D, manufacturing and testing of the E20 eVTOL prototype, and continues to build the company's leading position in tilted configuration eVTOL. The company will continue to increase investment in research and development, dig deep into the "moat" of the enterprise, and comprehensively build an air traffic ecosystem centered on tilt-rotor eVTOL.

Huang Yongwei, founder and CEO of TCab Technology, said: "TCab Technology is still in the accumulation and research and development stage, and the team will continue to uphold the truth-seeking and pragmatic attitude, focus on the commercialisation of manned eVTOL, and focus on creating air travel with high commercial value. This means of transportation will help the development of China's comprehensive three-dimensional transportation."

As an eVTOL OEM, the company has always adhered to the concept of "market demand as the only criterion for defining products". In accordance with high reliability, low cost, and meeting the requirements of commercialisation, the company has launched the tilt-rotor configuration E20 eVTOL, which is aims to create a green and sustainable digital transportation ecosystem and provide safe and convenient air travel services. As of the end of January 2023 , the company has successfully completed the ground test, wind tunnel test and tilt transition flight test of the 25% and 50% scaled versions of the aircraft. Prototypes are validated and iterated, designs are complete, and manufacturing is underway.

Pei Yun, partner of Yuanyi Investment, the lead investor of this round, said: "With the advancement of battery and electric drive technology, we see that eVTOL is expected to achieve a higher level of safety with a relatively low operation and maintenance cost, and a simpler mechanical structure, as well as quieter and more environmentally friendly flight. With the gradual development of future transportation at the level of point, line, surface, and body, eVTOL will be the enabler to open up huge low-altitude resources and the UAM market, and will also be the cornerstone of the era of unmanned vehicles. Although the release of low-altitude resources and the formation of the UAM market will have different progress in different countries, more advanced means of transportation are always the direction for countries to follow and catch up with each other. China vigorously develops new energy vehicles, continues to study autonomous driving, and continues to follow up on the manufacture of large aircraft."

Returning to the industry itself, although there are eVTOL listed companies in the United States, Europe and even South America, whether it is called a flying car or an electric aircraft, it is essentially a serious aviation industry, and the entire industry is still in its early stages. Therefore, we have also tracked the current team, configuration selection, prototype development progress and supply chain partners for the long-term. I am very happy to finally be able to work together with TCab Technology and use Far East Horizon's huge financial and industrial resources to contribute to China's own eVTOL cause. We also believe that this industry will soon gather more and more excellent participants, so that China's eVTOL can enter the world stage as soon as possible."

Kunlun Capital said: "The new energy industry and electrification applications are our key investment directions. The rapid development of three electric technologies in recent years has promoted the rapid development and implementation of eVTOL, which will bring consumers safer, more economical and more environmentally friendly products. The excellent flying experience also makes low-altitude urban flying possible in the future. The tilt-rotor configuration route chosen by TCab Technology can optimise the range, load and speed. Steady progress has been made in the exploration of model test flight, supplier selection, and commercialisation at home and abroad. Today, with the development of domestically produced large aircraft, we are optimistic that the technology of Hershey will become the representative of domestically produced eVTOL, and will be on the world stage in the future."

Lin Yong, executive director of KIP Capital, said: "The electrification and intelligence of air vehicles will be realised in the low-altitude airspace first. Aviation certification and government-enterprise cooperation are at the leading level in China, and we look forward to the early launch of the products that will bring more convenience and brand-new experience to people's travel."

Contact details from our directory:
Shanghai TCab Technology Co., Ltd. Airframer
Related aircraft programs:
TCab Tech E20