Tcab Tech secures exclusive strategic funding to expedite product development and airworthiness certification processes.
Tcab Tech announced via its official social media channels the successful completion of its Series A round with a significant investment of $20 million. The funding, exclusively led by a renowned overseas investment firm, aims to accelerate the company's product development and airworthiness certification initiatives.
Established in 2021, Shanghai TCab Technology Co., Ltd. (Tcab Tech) specializes in the independent development of tiltrotor electric vertical takeoff and landing (eVTOL) aircraft, with a mission to provide safe and convenient aerial transportation services to society. Its flagship product, the E20 eVTOL, boasts features such as vertical takeoff capability, low noise, high safety standards, and low manufacturing and operating costs, aligning with the global focus on sustainable urban mobility solutions.
According to industry experts, eVTOL aircraft can be categorized into three main types: multi-copters, lift-cruise, and vectored thrust, with the selection of eVTOL configurations closely tailored to their intended use cases. Tcab Tech's adoption of tiltrotor technology, despite its engineering challenges, offers distinct advantages such as extended range and payload capacity, playing a pivotal role in establishing efficient and sustainable urban air transportation ecosystems. The company's flagship product, the E20 eVTOL, has successfully completed its maiden flight and entered the tiltrotor testing phase, effectively addressing China's technological gap in this domain and earning commendation from industry insiders.
In addition to solidifying its position in the domestic market, Tcab Tech is actively expanding its presence overseas. The company has forged deep connections with regions along the Belt and Road Initiative, including the Middle East and Southeast Asia, and has entered into strategic partnerships with renowned overseas investment firms to explore "air taxi" applications in the Middle East, capitalizing on the burgeoning trend of the industry.
Since its inception, Tcab Tech has garnered significant attention from investors. From its seed round, which raised tens of millions of dollars, to its Pre-A round in February 2023, securing 100 million RMB, the company has consistently attracted investment. Mr. Chen Weiguang, Managing Partner of Blue Horizon Ventures, expressed confidence in the long-term growth trajectory of the eVTOL industry, anticipating significant expansion supported by government policies. Following the completion of the Series A strategic funding, Tcab Tech is committed to accelerating its product development and airworthiness certification processes, further advancing its presence in the aerial transportation sector and delivering safer and more convenient travel experiences for users.