Chinese Tech Company AEROFUGIA Completes Over CNY 100 Mn Series A Financing

Industrials Author: Zhisheng Wang, Yiran Xing Editor: Yiran Xing Jul 10, 2023 09:59 AM (GMT+8)

In the context of the development of global automotive electrification and intelligence, the cross-border penetration and integration of automotive and aviation technologies is becoming a major trend in the new round of technological revolution and industrial revolution. As a new type of transportation for urban air transportation, flying cars are receiving increasing attention from global innovators.


On June 30, 2023, AEROFUGIA announced the completion of its first market-based financing, with a funding amount of over CNY 100 million, led by TH Capital and followed by Oriza Seed Capital (Chinese: 元禾原点), Honghua Airlines (Chinese: 鸿华航空) and Sky Soaring (Chinese: 空天翱翔). This round of financing will be mainly used for the continuous research and development and market development of AE200 with full independent intellectual property rights, to promote the application of urban intelligent three-dimensional transportation scenarios and to promote the innovative development of low-altitude economy industry.

Founded in 2020, AEROFUGIA is a low altitude segment focused company under Geely Holding Group, with business covering UAV and manned eVTOL. In 2021, a joint venture was established by AEROFUGIA and Volocopter. With low-altitude travel business as the core, AEROFUGIA has been committed to promoting the innovation and application of air transportation technology. The self-developed AE200 is a 5-6-seat tilt-powered pure electric vertical takeoff and landing vehicle eVTOL (flying car) that always adheres to positive development and strict airworthiness, insisting on the design requirements of high performance, high safety and high comfort, and meeting the demand of zero-emission, low-noise and high-frequency commercial operation within/between urban clusters with greater load capacity and range. At present, AE200 has completed the maiden flight of the prototype and fully started the type qualification validation work under the guidance of the Bureau.

According to the research report 2022-2027 China Low Altitude Economy Industry Market Survey and Future Development Trend Forecast Report, by the end of the 14th Five-Year Plan, the comprehensive contribution of China's low altitude economy to the national economy will reach CNY 3 to 5 trillion, becoming a new economic growth pole. Among them, the drone industry has the most momentum. According to Sullivan's forecast, the global market for low-altitude radar is expected to reach USD 13.54 billion by 2025.

In terms of overseas business, Wofei Changkong has set up branch offices in Boston, USA, Frankfurt, Germany, and Dubai, UAE, etc. The business is currently under rapid expansion. In 2022, Bolivia, located in the middle of South America, purchased a security drone from AEROFUGIA for national security work, and the president of Bolivia praised Wofei's security drones for national security.

The major competitors of AEROFUGIA include Chinese companies such as AutoFlight (Chinese: 峰飞航空科技), Weihai Guangtai(Chinese: 威海广泰), as well as international players such as Safran from France, Rolls & Royce from the UK, and Maginix from the US.

Regarding the industry trend, Xue Songbai, R&D director of AEROFUGIA, believes that the implementation of flying cars is anticipated to be tested in the domain of logistics and transportation in the near future. The current focus in the advancement of flying cars lies in the attainment of power systems that exhibit superior performance and reliability, possess high energy capacity, ensure optimal safety, incorporate advanced and intelligent human control mechanisms, and adhere to inclusive and adaptable airworthiness regulations.